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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Earnings available to common stockholders	$	1,029	$	949	$	2,533	$	2,309

Basic weighted-average shares outstanding	324.9		323.7		324.5		325.3
Dilutive effect of stock Warrants	—		—		—		0.4
Dilutive effect of employee stock awards	2.5		3.2		2.5		3.3
Diluted weighted-average shares outstanding	327.4		326.9		326.9		329.0

Earnings per share, basic	$	3.17	$	2.93	$	7.80	$	7.10
Earnings per share, diluted	$	3.14	$	2.90	$	7.74	$	7.02

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 ("PSP") 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 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.

On October 15, 2024, the Company announced that its Board of Directors authorized a new share repurchase program with no stated expiration, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and certain warrants to purchase UAL common stock. In the nine months ended September 30, 2026, the Company repurchased, through open market purchases, 0.3 million shares of UAL common stock for a total of $27 million as part of its share repurchase program. In the three and nine months ended September 30, 2025, the Company repurchased, through open market purchases, 0.2 million and 7.8 million shares, respectively, of UAL common stock for a total of $19 million and $612 million, respectively, as part of its share repurchase program. The Company did not make any repurchases in the three months ended September 30, 2026. As of October 15, 2026, the dollar value of shares that may yet be purchased under the share repurchase program was $755 million.