Loss Per Share

3 Months Ended

Mar. 31, 2023

Loss Per ShareBasic earnings per share is calculated by dividing net 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 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 1.6 million and 2.9 million for the three months ended March 31, 2023 and 2022, respectively.

The following table shows how we computed loss per common share for the three months ended March 31, 2023 and 2022 (dollars and share data in millions):


	Three Months Ended March 31,
	2023		2022
Net loss	$	(192)	$	(255)

Weighted average basic shares	327.6		320.5
Effect of dilutive securities	—		—
Weighted average diluted shares	327.6		320.5

Loss per common share
Basic	$	(0.58)	$	(0.79)
Diluted	$	(0.58)	$	(0.79)