v3.26.3
Earnings (Loss) Per Common Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share Earnings (Loss) Per Common Share
The following table provides the computation of basic and diluted earnings (loss) per common share (EPS) (in millions, except share and per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Basic EPS:
Net income (loss)$(269)$(114)$(580)$12 
Weighted average common shares outstanding (in thousands)662,706 660,358 662,026 659,788 
Basic EPS$(0.41)$(0.17)$(0.88)$0.02 
Diluted EPS:
Net income (loss) for purposes of computing diluted EPS$(269)$(114)$(580)$12 
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding662,706 660,358 662,026 659,788 
Dilutive effect of restricted stock unit awards— — — 563 
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants— — — 433 
Diluted weighted average common shares outstanding662,706 660,358 662,026 660,784 
Diluted EPS$(0.41)$(0.17)$(0.88)$0.02 
The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Restricted stock unit awards1,055 1,873 1,401 1,424 
6.50% convertible senior notes (1)
— — — 20,576 
(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ended after March 31, 2025.
For the nine months ended September 30, 2026, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to the payroll support program established under Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants) and the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants).
During the first nine months of 2026, 2.8 million shares of PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount, reflected within other financing activities in the condensed consolidated statement of cash flows. Additionally, the remaining 3.8 million shares of PSP2 Warrants and 4.4 million shares of PSP3 Warrants expired.