Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly results of operations for the years ended December 31, 2020 and 2019 are summarized below (in millions, except per share amounts):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2020
Operating revenues	$	1,588	$	215	$	492	$	661
Operating (loss)(1)	(334)		(410)		(516)		(454)
Net (loss)(1)	(268)		(320)		(393)		(373)

(Loss) per share(1)	$	(0.97)	$	(1.18)	$	(1.44)	$	(1.31)


2019
Operating revenues	$	1,871	$	2,105	$	2,086	$	2,031
Operating income(2)	76		250		247		227
Net income(2)(3)	42		179		187		161

Basic earnings per share	$	0.14	$	0.60	$	0.63	$	0.56
Diluted earnings per share(2)(3)	$	0.14	$	0.59	$	0.63	$	0.56

(1) Our 2020 results include the effects of various special items. We record special items of $202 million, or ($0.55) per share in the first quarter of 2020, $(304) million, or $0.84 per share in the second quarter of 2020, $(112) million, or $0.31 per share in the third quarter of 2020, and $(69) million, or $0.19 per share in the fourth quarter of 2020. See Note 18 to our consolidated financial statements for details.

(2) Our 2019 reported results include special items related to the Embraer E190 fleet transition and the ratification of our pilots' collective bargaining agreement. We recorded special items of $12 million or ($0.02) per diluted share in the first quarter and $2 million or ($0.01) per diluted share in the second quarter of 2019. See Note 18 to our consolidated financial statements for details.

(3) During the third quarter of 2019, we recorded a gain of $15 million, or $0.04 per diluted share, on one of our equity method investments related to its fair value measurement upon the closing of a subsequent financing round.

The sum of the quarterly results may not equal the annual amount reported due to immaterial rounding differences.

The sum of the quarterly earnings per share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted average common shares outstanding and other dilutive potential common shares.