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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Earnings available to common stockholders	$	973	$	1,323	$	1,361	$	1,199

Basic weighted-average shares outstanding	324.6		328.8		326.2		328.6
Dilutive effect of stock Warrants (a)	—		2.7		0.6		2.2
Dilutive effect of employee stock awards	2.6		2.4		3.3		2.3
Diluted weighted-average shares outstanding	327.2		333.9		330.1		333.1

Earnings per share, basic	$	3.00	$	4.02	$	4.17	$	3.65
Earnings per share, diluted	$	2.97	$	3.96	$	4.12	$	3.60

Potentially dilutive securities (b)
Stock Warrants (a)	—		1.5		—		1.5
Employee stock awards	0.7		0.6		0.5		0.6
(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.

In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants (the "Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021, the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021, and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In August 2024, the holder of the Warrants exercised 6,414,635 of the Warrants in a net share settlement for 2,043,906 shares of UAL common stock. In March 2025, the remaining 3,513,714 Warrants were exercised in a net share settlement for 1,801,430 shares of UAL common stock.

In the three and six months ended June 30, 2025, the Company repurchased, through open market purchases, approximately 3.5 million and 7.6 million shares, respectively, of UAL common stock for a total of approximately $0.2 billion and $0.6 billion, respectively, as part of its share repurchase program. As of July 10, 2025, the dollar value of shares that may yet be purchased under the program is approximately $0.8 billion.