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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings 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 |
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 |
In addition, for the three and six months ended June 30, 2024 and 2023, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3) (collectively, the PSP Warrants) and (iv) the Loan and Guarantee Agreement with the U.S. Department of Treasury (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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