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Earnings Per Common Share (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings (Loss) per Common Share | The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic EPS: |  |  |  |  |  |  |
Net income | $ | 717 |  |  | $ | 1,338 |  |  | $ | 405 |  |  | $ | 1,348 |
Weighted average common shares outstanding (in thousands) | 656,965 |  |  | 653,602 |  |  | 656,406 |  |  | 652,801 |
Basic EPS | $ | 1.09 |  |  | $ | 2.05 |  |  | $ | 0.62 |  |  | $ | 2.06 |
Diluted EPS: |  |  |  |  |  |  |
Net income | $ | 717 |  |  | $ | 1,338 |  |  | $ | 405 |  |  | $ | 1,348 |
Interest expense on 6.50% convertible senior notes | 9 |  |  | 12 |  |  | 22 |  |  | 23 |
Net income for purposes of computing diluted EPS | $ | 726 |  |  | $ | 1,350 |  |  | $ | 427 |  |  | $ | 1,371 |
Share computation for diluted EPS (in thousands): |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 656,965 |  |  | 653,602 |  |  | 656,406 |  |  | 652,801 |
Dilutive effect of restricted stock unit awards | 723 |  |  | 1,307 |  |  | 865 |  |  | 1,185 |
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants | 886 |  |  | 2,708 |  |  | 1,713 |  |  | 3,176 |
Assumed conversion of 6.50% convertible senior notes | 61,728 |  |  | 61,728 |  |  | 61,728 |  |  | 61,728 |
Diluted weighted average common shares outstanding | 720,302 |  |  | 719,345 |  |  | 720,712 |  |  | 718,890 |
Diluted EPS | $ | 1.01 |  |  | $ | 1.88 |  |  | $ | 0.59 |  |  | $ | 1.91 |
Schedule of Anti-Dilutive Securities Excluded From Calculation of Diluted EPS | The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Restricted stock unit awards | 2,912 |  |  | 3,680 |  |  | 3,112 |  |  | 3,889 |
Schedule of PSP Warrants and Treasury Loan Warrants | The table below provides a summary of the PSP Warrants and the Treasury Loan Warrants:
Warrants |  | Warrants Issued (shares, in thousands) |  | Exercise Price |  | Expiration
PSP1 Warrants |  | 14,048 |  | $ | 12.51 |  |  | April 2025 to September 2025
PSP2 Warrants |  | 6,576 |  | 15.66 |  |  | January 2026 to April 2026
PSP3 Warrants |  | 4,407 |  | 21.75 |  |  | April 2026 to June 2026
Treasury Loan Warrants |  | 4,396 |  | 12.51 |  |  | September 2025

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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