EXHIBIT 11
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31,
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1995 1994 1993
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(In thousands except per share data)
PRIMARY:
Net Earnings Available $23,544 $37,941 $36,357
to Common Shareholders ======= ======= =======
Average Common Shares Outstanding 21,050 20,645 19,255
Effect of Dilutive Stock Options 154 356 341
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Total Average Shares Outstanding 21,204 21,001 19,596
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Primary Earnings Per Share $ 1.11 $ 1.81 $ 1.86
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FULLY DILUTED:
Net Earnings Available $23,544 $37,941 $36,357
to Common Shareholders
Redeemable Preferred Stock Dividends -- 894 2,760
Convertible Debentures -- 4,331 --
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Adjusted Net Earnings $23,544 $43,166 $39,117
======= ======= =======
Average Common Shares Outstanding 21,050 20,645 19,255
Effect of Dilutive Stock Options 250 356 552
Effect of Conversion of -- 3,239 --
Subordinated Debentures
Effect of Conversion of Redeemable -- 559 1,710
Preferred Stock Dividends
------- ------- -------
Total Average Shares Outstanding 21,300 24,799 21,517
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Fully Diluted Earnings Per Share $ 1.11 $ 1.74 $ 1.82
======= ======= =======