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SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Common Stock Repurchase In August 2015, the Board of Directors authorized a $1 billion share repurchase program. In March 2020, subject to restrictions under the CARES Act, the Company suspended the share repurchase program indefinitely. These restrictions ended on October 1, 2022. The Company restarted the share repurchase program in February 2023 pursuant to the existing repurchase program. As of March 31, 2023, the Company has repurchased 8 million shares for $562 million under this program. Share purchase activity (in millions, except share amounts):
| Three Months Ended March 31,
| 2023 |  | 2022
| Shares |  | Amount |  | Shares |  | Amount
2015 Repurchase Program—$1 billion | 413,554 |  |  | $ | 18 |  |  | — |  |  | $ | — |
CARES Act Warrant Issuances As additional taxpayer protection required under the Payroll Support Program (PSP) under the CARES Act, the Company granted the Treasury a total of 1,455,437 warrants to purchase ALK common stock in 2020 and 2021. An additional 427,080 warrants were issued in conjunction with a draw on the CARES Act Loan in 2020. These warrants are non-voting, freely transferable, may be settled as net shares or in cash at the Company's option, and have a five-year term. As of March 31, 2023, there are 1,882,517 total warrants outstanding, with a weighted average strike price of $39.06. The value of the warrants was estimated using a Black-Scholes option pricing model. The total fair value of all outstanding warrants was $30 million, recorded in stockholders' equity at issuance. Loss Per Share Loss per share is calculated by dividing net loss by the average number of common shares outstanding. For the three months ended March 31, 2023 and March 31, 2022, anti-dilutive shares excluded from the calculation of loss per share were not material.

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