Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Basic earnings per share is calculated by dividing net income (loss) 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 Company's Crewmember Stock Purchase Plan, convertible notes, warrants issued under various federal payroll support programs, and any other potentially dilutive instruments using the treasury stock and if-converted methods. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 1.9 million for the three months ended September 30, 2020. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 3.5 million and 1.7 million for the nine months ended September 30, 2021 and September 30, 2020, respectively.

The following table shows how we computed basic and diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020 (dollars and share data in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	130	$	(393)	$	(53)	$	(981)

Weighted average basic shares	318.0		272.4		317.3		274.3
Effect of dilutive securities	3.3		—		—		—
Weighted average diluted shares	321.3		272.4		317.3		274.3

Earnings (loss) per common share:
Basic	$	0.41	$	(1.44)	$	(0.17)	$	(3.58)
Diluted	$	0.40	$	(1.44)	$	(0.17)	$	(3.58)

On February 24, 2020, JetBlue entered into an accelerated share repurchase agreement, or ASR, paying $160 million for an initial delivery of 6.6 million shares. The term of the ASR concluded on March 16, 2020 with a delivery of 4.9 million additional shares to JetBlue on March 18, 2020. A total of 11.5 million shares, at an average price of $13.91 per share, were repurchased under the agreement.

Our share repurchase program has been suspended since March 31, 2020.