(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2021

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 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 method. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 3.4 million and 2.0 million for the years ended December 31, 2021 and 2020, respectively. There were no anti-dilutive common stock equivalents for the year ended December 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):


	2021		2020		2019
Net (loss) income	$	(182)	$	(1,354)	$	569

Weighted average basic shares	318.0		277.5		296.6
Effect of dilutive securities	—		—		1.8
Weighted average diluted shares	318.0		277.5		298.4

Earnings per common share
Basic	$	(0.57)	$	(4.88)	$	1.92
Diluted	$	(0.57)	$	(4.88)	$	1.91

As discussed in Note 5 to our consolidated financial statements, JetBlue entered into various ASR agreements in 2020, and 2019 and purchased approximately 13.0 million, and 28.1 million shares, respectively, for $160 million and $535 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.