(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2022

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, crewmember purchases made under 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 1.5 million for the three months ended June 30, 2022. There were no anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts for the three months ended June 30, 2021. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 2.2 million and 3.6 million for the six months ended June 30, 2022 and June 30, 2021, respectively.

The following table shows how we computed basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021 (dollars and share data in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net (loss) income	$	(188)	$	64	$	(443)	$	(183)

Weighted average basic shares	323.1		317.7		321.9		317.0
Effect of dilutive securities	—		3.8		—		—
Weighted average diluted shares	323.1		321.5		321.9		317.0

(Loss) earnings per common share
Basic	$	(0.58)	$	0.20	$	(1.38)	$	(0.58)
Diluted	$	(0.58)	$	0.20	$	(1.38)	$	(0.58)