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Earnings (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding. 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 method. Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts for the three months ended June 30, 2025 were 79.5 million. 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, 2024. Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts w ere 80.4 million and 3.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The increase in anti-dilutive common stock equivalents is due to the 2.50% convertible senior notes due 2029, issued in August 2024. The following table shows how we computed basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2025 and 2024 (dollars and share data in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) | $ | (74) |  |  | $ | 25 |  |  | $ | (282) |  |  | $ | (691) |
Weighted average basic shares | 361.3 |  |  | 345.1 |  |  | 357.9 |  |  | 342.7 |
Effect of dilutive securities | — |  |  | 3.8 |  |  | — |  |  | — |
Weighted average diluted shares | 361.3 |  |  | 348.9 |  |  | 357.9 |  |  | 342.7 |
Earnings (loss) per common share |  |  |  |  |  |  |
Basic | $ | (0.21) |  |  | $ | 0.07 |  |  | $ | (0.79) |  |  | $ | (2.02) |
Diluted | $ | (0.21) |  |  | $ | 0.07 |  |  | $ | (0.79) |  |  | $ | (2.02) |

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