PART II  ITEM 8 Financial Statements and Supplementary Data Total costs incurred for the elements of the T5 Project were $637 million,  of which $561 million is classified as Assets Constructed for Others and  the remaining $76 million is classified as leasehold improvements in our  consolidated balance sheets. Assets Constructed for Others are being  amortized over the shorter of the 25 years non-cancelable lease term or  their economic life. We recorded amortization expense of $23 million in  each of 2013 and 2012, and $22 million in 2011. The PANYNJ has reimbursed us for the amounts currently included in Assets  Constructed for Others. These reimbursements and related interest are  reflected as Construction Obligation in our consolidated balance sheets.  When the facility rents are paid they are treated as a debt service on the  Construction Obligation, with the portion not relating to interest reducing  the principal balance. Minimum estimated facility payments including  escalations associated with the facility lease are estimated to be $40 million  per year in 2014 through 2018 and $616 million thereafter. The portion  of these scheduled payments serving to reduce the principal balance of  the Construction Obligation is $14 million in 2014, $15 million in each of  2015 and 2016, $16 million in 2017 and $17 million in 2018. Payments  could exceed these amounts depending on future enplanement levels  at JFK. Scheduled facility payments representative of interest totaled  $27 million, $27 million and $28 million in 2013, 2012 and 2011, respectively. We sublease portions of T5, including space for concessionaires, our  service provider for the airspace lounge and the TSA. Two of our airline  commercial partners operate from this terminal and sublease facilities from  us, Hawaiian Airlines and Aer Lingus. Minimum lease payments due to us  are subject to various escalation amounts through 2021. Future minimum  lease payments due to us during each of the next five years are estimated  to be $12 million per year in each of 2014 through 2016, $10 million in  2017 and $9 million in 2018. In September 2012, our Board of Directors authorized a share repurchase  program for up to 25 million shares of common stock over a five year period.  The repurchases may be commenced or suspended from time to time  without prior notice. During the fourth quarter of 2012, we repurchased  approximately 4.1 million shares of our common stock for approximately  $23 million. During 2013 we repurchased approximately 0.5 million  shares of our common stock for approximately $3 million. The shares  repurchased under our share repurchase program were purchased in  open market transactions. As of December 31, 2013, 20.4 million shares  remain available for repurchase under the program.  As of December 31, 2013, we had a total of 168.9 million shares of our  common stock reserved for issuance related to our equity incentive plans,  our convertible debt, and our share lending facility. As of December 31,  2013, we had a total of 50.9 million shares of treasury stock, the majority  of which resulted from the return of borrowed shares under our share  lending agreement and also include shares repurchased under our share  repurchase program described above. Refer to Note 2 for further details  on the share lending agreement and Note 7 for further details on our  share-based compensation. The following table shows how we computed basic and diluted earnings per common share for the years ended December 31 (dollars in millions; share  data in thousands): As of December 31, 2013, a total of approximately 1.4 million shares of our  common stock, which were lent to our share borrower pursuant to the terms  of our share lending agreement as described in Note 2, were issued and  outstanding for corporate law purposes. Holders of the borrowed shares  have all the rights of a holder of our common stock. However, because  the share borrower must return all borrowed shares to us (or identical  shares or, in certain circumstances of default by the counterparty, the cash  value thereof), the borrowed shares are not considered outstanding for the  purpose of computing and reporting basic or diluted earnings per share. NOTE 6  Earnings Per Share NOTE 5  Stockholders’ Equity 2013 2012 2011 Numerator: Net income $ 168 $ 128 $ 86 Effect of dilutive securities: Interest on convertible debt, net of income taxes and profit sharing 9 9 12 Net income applicable to common stockholders after assumed conversions for diluted  earnings per share $ 177 $ 137 $ 98 Denominator: Weighted average shares outstanding for basic earnings per share Effect of dilutive securities: 282,755 282,317 278,689 Employee stock options 2,108 1,237 1,660 Convertible debt 58,562 60,575 66,118 Adjusted weighted average shares outstanding and assumed conversions for diluted  earnings per share 343,425 344,129 346,467 Shares excluded from EPS calculation (in millions): Shares issuable upon conversion of our convertible debt as assumed conversion would be  antidilutive — — — Shares issuable upon exercise of outstanding stock options or vesting of restricted stock  units as assumed exercise would be antidilutive 13.8 19.5 22.3 JETBLUE AIRWAYS CORPORATION  -  2013 Annual Report 53