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Earnings Per Share

12 Months Ended

Dec. 31, 2019

The following table shows how we computed basic and diluted earnings per common share for the years ended December 31 (dollars and share data in millions):



	2019		2018		2017
Net income ⁽¹⁾	$	569	$	189	$	1,140

Weighted average basic shares	296.6		312.9		328.7
Effect of dilutive securities	1.8		1.6		1.7
Weighted average diluted shares	298.4		314.5		330.4

Earnings per common share
Basic	$	1.92	$	0.60	$	3.47
Diluted	$	1.91	$	0.60	$	3.45

(1) As discussed in Note 1 to our consolidated financial statements, we adopted ASC 842, Leases, as of January 1, 2019. The adoption of this standard increased previously reported net income by approximately $1 million for 2018, and $15 million or $0.04 per diluted share for 2017. It did not have a material impact on our earnings per diluted share in 2018.

As discussed in Note 6 to our consolidated financial statements, JetBlue entered into various ASR agreements in 2019, 2018, and 2017 and purchased approximately 28.1 million, 19.1 million, and 18.7 million shares, respectively, for $535 million, $375 million, and $380 million, respectively. The number of shares repurchased are based on the volume weighted average prices of JetBlue's common stock during the term of the ASR agreements.