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 8.1 million and 5.6 million for the three months ended September 30, 2026 and September 30, 2025, respectively. Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts were 7.6 million for each of the nine months ended September 30, 2026 and 2025.

The following table shows how we computed basic and diluted loss per common share for the three and nine months ended September 30, 2026 and 2025 (dollars and share data in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net loss	$	(257)	$	(143)	$	(823)	$	(425)

Weighted average basic shares	377.3		363.7		374.7		359.7
Effect of dilutive securities	—		—		—		—
Weighted average diluted shares	377.3		363.7		374.7		359.7

Loss per common share
Basic	$	(0.68)	$	(0.39)	$	(2.20)	$	(1.18)
Diluted	$	(0.68)	$	(0.39)	$	(2.20)	$	(1.18)