Loss Per Share
Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding. Diluted income 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 were 7.4 million, 4.4 million, and 2.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The following table shows how we computed basic and diluted loss per common share for the years ended December 31 (dollars and share data in millions):
202520242023
Net loss$(602)$(795)$(310)
Weighted average basic shares362.1 346.0 332.9 
Effect of dilutive securities— — — 
Weighted average diluted shares362.1 346.0 332.9 
Loss per common share
Basic $(1.66)$(2.30)$(0.93)
Diluted$(1.66)$(2.30)$(0.93)

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 14, 2025
2023Feb 12, 2024
2022Feb 27, 2023
2021Feb 22, 2022
2020Mar 2, 2021
2019Feb 18, 2020
2018Feb 21, 2019
2017Feb 16, 2018
2016Feb 17, 2017
2015Feb 17, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.