(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share

Basic earnings per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from restricted stock units, the Crewmember Stock Purchase Plan, and any other potentially dilutive instruments using the treasury stock method. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 2.0 million for the year ended December 31, 2020. There were no anti-dilutive common stock equivalents for the years ended December 31, 2019 and 2018.

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):


	2020		2019		2018
Net (loss) income	$	(1,354)	$	569	$	189

Weighted average basic shares	277.5		296.6		312.9
Effect of dilutive securities	2.0		1.8		1.6
Weighted average diluted shares	279.5		298.4		314.5

Earnings per common share
Basic	$	(4.88)	$	1.92	$	0.60
Diluted	$	(4.88)	$	1.91	$	0.60

As discussed in Note 6 to our consolidated financial statements, JetBlue entered into various ASR agreements in 2020, 2019, and 2018 and purchased approximately 13.0 million, 28.1 million, and 19.1 million shares, respectively, for $160 million, $535 million, and $375 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.