NOTE 6 - EARNINGS (LOSS)
PER SHARE
The computations of
UAL’s basic and diluted earnings (loss) per share and the
number of securities that have been excluded from the computation
of diluted earnings per share amounts because they were
antidilutive are set forth below (in millions, except per share
amounts):
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2012 |
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2011 |
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2010 |
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Basic earnings (loss)
per share:
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Net income
(loss)
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$ |
(723) |
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$ |
840 |
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$ |
253 |
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Less: Income allocable to
participating securities
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— |
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(3) |
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(1) |
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Earnings (loss) available
to common stockholders
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$ |
(723) |
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$ |
837 |
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$ |
252 |
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Basic weighted-average
shares outstanding
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331 |
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329 |
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207 |
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Earnings (loss) per share,
basic
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$ |
(2.18) |
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$ |
2.54 |
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$ |
1.22 |
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Diluted earnings (loss)
per share:
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Earnings (loss) available
to common stockholders
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$ |
(723) |
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$ |
837 |
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$ |
252 |
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Effect of UAL 6% senior
convertible notes
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— |
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18 |
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18 |
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Effect of Continental 4.5%
convertible notes
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— |
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9 |
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2 |
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Effect of Continental 5%
convertible notes
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— |
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— |
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1 |
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Earnings (loss) available
to common stockholders including the effect of dilutive
securities
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$ |
(723) |
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$ |
864 |
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$ |
273 |
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Basic weighted-average
shares outstanding
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331 |
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329 |
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207 |
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Effect of UAL 6% senior
convertible notes
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— |
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40 |
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40 |
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Effect of Continental 4.5%
convertible notes
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— |
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12 |
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3 |
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Effect of employee stock
options
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— |
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2 |
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2 |
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Effect of Continental 5%
convertible notes
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— |
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— |
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1 |
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Diluted weighted-average
shares outstanding
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331 |
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383 |
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253 |
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Earnings (loss) per share,
diluted
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$ |
(2.18) |
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$ |
2.26 |
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$ |
1.08 |
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| Potentially dilutive shares excluded from diluted per share
amounts: |
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UAL 6% senior convertible
notes
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40 |
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— |
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— |
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Continental 4.5%
convertible notes
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12 |
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— |
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— |
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UAL 4.5% senior
limited-subordination convertible notes
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5 |
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11 |
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22 |
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Stock options
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4 |
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5 |
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9 |
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Continental 6% convertible
junior subordinated debentures
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4 |
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4 |
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1 |
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Restricted
shares
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1 |
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1 |
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— |
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UAL 5% senior convertible
notes
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— |
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— |
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3 |
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66 |
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21 |
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35 |
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The adjustments to earnings
(loss) available to common stockholders are net of the related
effect of profit sharing and income taxes, where
applicable.
Continental
Predecessor
The computations of
Continental Predecessor’s basic and diluted earnings per
share for the periods Continental had outstanding publicly-traded
equity securities are set forth below (in millions, except per
share amounts):
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Nine Months Ended
September 30,
2010 |
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Basic earnings per
share:
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Net income
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$ |
441 |
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Earnings available to
common stockholders
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$ |
441 |
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Basic weighted-average
shares outstanding
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140 |
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Earnings per share,
basic
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$ |
3.16 |
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Diluted earnings per
share:
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Earnings available to
common stockholders
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$ |
441 |
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Effect of 5% convertible
notes
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10 |
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Effect of 6% convertible
junior subordinated debentures
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10 |
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Effect of 4.5% convertible
notes
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7 |
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Earnings available to
common stockholders
including the effect of dilutive securities
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$ |
468 |
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Basic weighted-average
shares outstanding
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140 |
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Effect of 4.5% convertible
notes
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12 |
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Effect of 5% convertible
notes
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|
9 |
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Effect of 6% convertible
junior subordinated debentures
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4 |
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Effect of employee stock
options
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2 |
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Dilutive weighted-average
shares outstanding
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167 |
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Earnings per share,
diluted
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$ |
2.81 |
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The adjustments to earnings
available to common stockholders are net of the related effect of
profit sharing and income taxes, where applicable.
Approximately two million
weighted average options to purchase shares of Continental common
stock for the nine months ended September 30, 2010 were
excluded from the computation of diluted earnings per share because
the effect of including the options would have been
antidilutive.
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