CONTINENTAL AIRLINES, INC. EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION PAGE 1 OF 2
OF PER SHARE EARNINGS (LOSS)
(In millions of dollars, except per share data)
Year Ended December 31,
1996 1995 1994
Primary:
Weighted average shares outstanding . . . . . . . . . 53,404,988 52,255,180 52,113,794
Dilutive effect of outstanding stock options,
warrants and restricted stock grants (as
determined by the application of the treasury
stock method). . . . . . . . . . . . . . . . . . . . 11,194,562 11,831,674 -
Weighted average number of common shares
outstanding, as adjusted . . . . . . . . . . . . . . 64,599,550 64,086,854 52,113,794
Income (loss) applicable to common shares . . . . . . $ 314 $ 215 $ (619)
Add interest expense associated with the assumed
reduction of borrowings, net of federal income
tax effect . . . . . . . . . . . . . . . . . . . . . - 16 -
Income (loss), as adjusted. . . . . . . . . . . . . . $ 314 $ 231 $ (619)
Per share amount. . . . . . . . . . . . . . . . . . . $ 4.87 $ 3.60 $ (11.88)
CONTINENTAL AIRLINES, INC. EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION PAGE 2 OF 2
OF PER SHARE EARNINGS (LOSS)
(In millions of dollars, except per share data)
Year Ended December 31,
1996 1995 1994
Fully diluted:
Weighted average shares outstanding . . . . . . . . . 53,404,988 52,255,180 52,113,794
Dilutive effect of outstanding stock options,
warrants and restricted stock grants (as
determined by the application of the treasury
stock method). . . . . . . . . . . . . . . . . . . . 11,722,947 11,991,226 -
Dilutive effect of convertible debentures . . . . . . 643,833 5,978,148 -
Dilutive effect of 8 1/2% convertible trust
originated preferred securities. . . . . . . . . . . 10,332,920 913,744 -
Dilutive effect of 6 3/4% convertible subordinated
notes. . . . . . . . . . . . . . . . . . . . . . . . 5,838,424 - -
Weighted average number of common shares
outstanding, as adjusted . . . . . . . . . . . . . . 81,943,112 71,138,298 52,113,794
Income (loss) applicable to common shares . . . . . . $ 314 $ 215 $ (619)
Add interest expense associated with the assumed
reduction of borrowings, net of federal income
tax effect . . . . . . . . . . . . . . . . . . . . . - 3 -
Add interest expense associated with the assumed
conversion of convertible debentures . . . . . . . . - 4 -
Add interest expense associated with the assumed
conversion of 8 1/2% convertible trust originated
preferred securities, net of federal income tax
effect . . . . . . . . . . . . . . . . . . . . . . . 15 2 -
Add interest expense associated with the assumed
conversion of 6 3/4% convertible subordinated
notes, net of federal income tax effect. . . . . . . 7 - -
Income (loss), as adjusted. . . . . . . . . . . . . . $ 336 $ 224 $ (619)
Per share amount. . . . . . . . . . . . . . . . . . . $ 4.11 $ 3.15 $ (11.88)