Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) 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. 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, 2023. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings (loss) per share amounts were 1.5 million for the three months ended June 30, 2022. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings (loss) per share amounts were 1.7 million and 2.2 million for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table shows how we computed earnings (loss) per common share for the three and six months ended June 30, 2023 and 2022 (dollars and share data in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	138	$	(188)	$	(54)	$	(443)

Weighted average basic shares	331.9		323.1		330.0		321.9
Effect of dilutive securities	1.7		—		—		—
Weighted average diluted shares	$	333.6	323.1		$	330.0	321.9

Earnings (loss) per common share
Basic	$	0.41	$	(0.58)	$	(0.16)	$	(1.38)
Diluted	$	0.41	$	(0.58)	$	(0.16)	$	(1.38)