United Airlines 2011 Annual Report Download - page 104

Table of Contents
with any fractional shares paid in cash. The shares of Continental common stock that were acquired by UAL were subsequently canceled and replaced with
1,000 shares of common stock ($0.01 par value), all of which are owned by UAL as of December 31, 2011.
In August 2009, Continental completed a public offering of 14 million shares of its Continental common stock at a price of $11.20 per share, raising net
proceeds of $158 million. Proceeds were used for general corporate purposes.
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The computations of UAL’s basic and diluted earnings (loss) per share and the number of securities that have been excluded from the computation of diluted
earnings per share amounts because they were antidilutive are set forth below (in millions, except per share amounts):
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Net income (loss) $840 $ 253 $(651)
Less: Income allocable to participating securities (3) (1) —
Earnings (loss) available to common stockholders $837 $252 $(651)
Basic weighted-average shares outstanding 329 207 151
Earnings (loss) per share, basic $ 2.54 $1.22 $(4.32)
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Earnings (loss) available to common stockholders $837 $252 $(651)
Effect of United 6% senior convertible notes 18 18 —
Effect of Continental 4.5% convertible notes 9 2 —
Effect of Continental 5% convertible notes — 1 —
Earnings (loss) available to common stockholders including the effect of dilutive securities $ 864 $273 $(651)
Basic weighted-average shares outstanding 329 207 151
Effect of United 6% senior convertible notes 40 40 —
Effect of Continental 4.5% convertible notes 12 3 —
Effect of employee stock options 2 2 —
Effect of Continental 5% convertible notes — 1 —
Diluted weighted-average shares outstanding 383 253 151
Earnings (loss) per share, diluted $2.26 $1.08 $(4.32)
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United 4.5% senior limited-subordination convertible notes 11 22 22
Stock options 5 9 7
Continental 6% convertible junior subordinated debentures 4 1 —
Restricted shares 1 — 1
United 5% senior convertible notes — 3 3
United 6% senior convertible notes — — 40
21 35 73
The adjustments to earnings (loss) available to common stockholders are net of the related effect of profit sharing and income taxes, where applicable.
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