The following table shows the computation of UAL's basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):


	Three Months Ended March 31,
	2025		2024
Earnings (loss) available to common stockholders	$	387	$	(124)

Basic weighted-average shares outstanding	327.7		328.3
Dilutive effect of stock Warrants (a)	1.2		—
Dilutive effect of employee stock awards	4.1		—
Diluted weighted-average shares outstanding	333.0		328.3

Earnings (loss) per share, basic	$	1.18	$	(0.38)
Earnings (loss) per share, diluted	$	1.16	$	(0.38)

Potentially dilutive securities (b)
Stock Warrants (a)	—		3.5
Employee stock awards	0.3		0.5
(a) See discussion below for more information about these Warrants.
(b) Weighted-average potentially dilutive securities outstanding are excluded from the computation of diluted earnings per share because the securities would have an antidilutive effect.