Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
UAL's common stock is listed on the Nasdaq Global Select Market ("Nasdaq") under the symbol "UAL." As of February 24, 2021, there were 5,989 holders of record of UAL common stock.
The following graph shows the cumulative total stockholder return for UAL's common stock during the period from December 31, 2015 to December 31, 2020. The graph also shows the cumulative returns of the Standard and Poor's 500 Index ("SPX") and the NYSE Arca Airline Index ("XAL") of 15 investor-owned airlines over the same five-year period. The comparison assumes $100 was invested on December 31, 2015 in each of UAL common stock, the SPX and the XAL.
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Note: The stock price performance shown in the graph above should not be considered indicative of potential future stock price performance. The foregoing performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a-3(b)(9) to furnish our stockholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the Exchange Act.
The following table presents repurchases of UAL common stock made in the fourth quarter of fiscal year 2020:
Period Total number of
shares purchased Average price paid
per share Total number of shares purchased as part of publicly announced plans or programs (a) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs
October 2020 — $ — — $ —
November 2020 — — — —
December 2020 — — — —
Total — —
(a) On April 24, 2020, UAL's Board of Directors terminated its share repurchase program. Under the Payroll Support Program agreements and Loan Program, the Company and its business are subject to certain restrictions, including, but not limited to, restrictions on the ability to repurchase UAL's equity securities through September 26, 2026 (or such earlier date that is one year after repayment in full of the Term Loan Facility).
ITEM 6. SELECTED FINANCIAL DATA.
UAL's consolidated financial statements and statistical data are provided in the tables below:
Year Ended December 31,
2020 2019 2018 2017 2016
Income Statement Data (in millions, except per share amounts):
Operating revenue $ 15,355 $ 43,259 $ 41,303 $ 37,784 $ 36,558
Operating expense 21,714 38,958 38,074 34,166 32,214
Operating income (loss) (6,359) 4,301 3,229 3,618 4,344
Net income (loss) (7,069) 3,009 2,122 2,143 2,234
Basic earnings (loss) per share (25.30) 11.63 7.70 7.08 6.77
Diluted earnings (loss) per share (25.30) 11.58 7.67 7.06 6.76
Balance Sheet Data at December 31 (in millions):
Unrestricted cash, cash equivalents and short-term investments $ 11,683 $ 4,944 $ 3,950 $ 3,798 $ 4,428
Total assets 59,548 52,611 49,024 47,469 40,208
Debt and finance lease obligations 27,153 14,818 13,792 13,576 11,705
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Year Ended December 31,
2020 2019 2018 2017 2016
Select operating statistics (a)
Passengers (thousands) (b)
57,761 162,443 158,330 148,067 143,177
Revenue passenger miles ("RPMs") (millions) (c)
73,883 239,360 230,155 216,261 210,309
Available seat miles ("ASMs") (millions) (d)
122,804 284,999 275,262 262,386 253,590
Cargo revenue ton miles (millions) (e)
2,711 3,329 3,425 3,316 2,805
Passenger load factor (f)
60.2% 84.0% 83.6% 82.4% 82.9%
Passenger revenue per available seat mile ("PRASM") (cents) 9.61 13.90 13.70 13.13 13.18
Total revenue per available seat mile ("TRASM") (cents) 12.50 15.18 15.00 14.40 14.42
Average yield per revenue passenger mile ("Yield") (cents) (g)
15.98 16.55 16.38 15.93 15.90
Cost per available seat mile ("CASM") (cents) 17.68 13.67 13.83 13.02 12.70
Average price per gallon of fuel, including fuel taxes $ 1.57 $ 2.09 $ 2.25 $ 1.74 $ 1.49
Fuel gallons consumed (millions) 2,004 4,292 4,137 3,978 3,904
Average stage length (miles) (h)
1,307 1,460 1,446 1,460 1,473
Employee headcount, as of December 31 (thousands) 74.4 95.9 91.7 89.8 87.8
(a) Includes data from our regional carriers operating under CPAs unless otherwise noted.
(b) The number of revenue passengers measured by each flight segment flown.
(c) The number of scheduled miles flown by revenue passengers.
(d) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.
(e) The number of cargo revenue tons transported multiplied by the number of miles flown.
(f) RPM divided by ASM.
(g) The average passenger revenue received for each revenue passenger mile flown.
(h) Average stage length equals the average distance a flight travels weighted for size of aircraft.
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