EXHIBIT 11
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31
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1996 1995 1994
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(In thousands except per share data)
PRIMARY:
Net Earnings Available $27,174 $23,544 $37,941
to Common Shareholders ======= ======= =======
Average Common Shares Outstanding 21,133 21,050 20,645
Effect of Dilutive Stock Options 149 154 356
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Total Average Shares Outstanding 21,282 21,204 21,001
======= ======= =======
Primary Earnings Per Share $ 1.28 $ 1.11 $ 1.81
======= ======= =======
FULLY DILUTED:
Net Earnings Available $27,174 $23,544 $37,941
to Common Shareholders
Redeemable Preferred -- -- 894
Stock Dividends
Convertible Debentures -- -- 4,331
------- ------- -------
Adjusted Net Earnings $27,174 $23,544 $43,166
======= ======= =======
Average Common Shares Outstanding 21,133 21,050 20,645
Effect of Dilutive Stock Options 149 250 356
Effect of Conversion of -- -- 3,239
Subordinated Debentures
Effect of Conversion of Redeemable -- -- 559
Preferred Stock Dividends ------- ------- -------
Total Average Shares Outstanding 21,282 21,300 24,799
======= ======= =======
Fully Diluted Earnings Per Share $ 1.28 $ 1.11 $ 1.74
======= ======= =======