Question about dilution

Hello all,

Pardon the ignorance, this might be a very simple question to answer.

I will use American Airlines as an example.

On April 14, 2022, American Airlines had 649,514,848 shares in issue, and the
stock closed at $19.00.

On October 18, 2019, American Airlines
had 438,057,971 shares in issue, and the
stock closed at $28.22.

So, the increase in the shares issued is
about 48.3% from 2019. This means that shareholders have been diluted by 48.3% from 2019 as well.

So in reality, if we take into account the
dilution, AAL's price of $28.22 in 2019 is
equivalent to about $14.67 in real terms when we count in the dilution.

Is that correct and is it that simple? Because if that’s the case, then theoretically one could suggest that American Airlines’ equity has already pretty much recovered from their COVID-19 drop.

Thanks in advance.