AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE
(in thousands of dollars except per share amount)
Years ended December 31,
------------------------------------------------------------------
1993 1992 1991 1990 1989
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PRIMARY EARNINGS PER SHARE
Computation for Statements
of Operation:
Income (loss) before
extraordinary item. . . . . . . . $ 37,165 $ (131,761) $ (222,016) $ (76,695) $ 12,803
Adjustment for interest
on debt reduction . . . . . . . . 4,210 - - - 1,414
Preferred stock dividend
requirement . . . . . . . . . . . - (1,672) (1,673) (1,673) (1,673)
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Income (loss) applicable
to common stock before
extraordinary item. . . . . . . . 41,375 (133,433) (223,689) (78,368) 12,544
Extraordinary item, tax
benefit . . . . . . . . . . . . . - - - - 795
Extraordinary item, net . . . . . . - - - 2,024 7,215
----------- ----------- ----------- ----------- -----------
Income (loss) applicable
to common stock . . . . . . . . . $ 41,375 $ (133,433) $ (223,689) $ (76,344) $ 20,554
=========== =========== =========== =========== ===========
Weighted average number
of common shares
outstanding . . . . . . . . . . . 24,480,487 23,914,298 21,533,992 18,395,970 16,761,622
Assumed exercise of
stock options and
warrants (a). . . . . . . . . . . 3,044,504 - - - 3,864,273
----------- ----------- ----------- ----------- -----------
Weighted average number
of common shares
outstanding as adjusted . . . . . 27,524,991 23,914,298 21,533,992 18,395,970 20,625,895
=========== =========== =========== =========== ===========
Primary earnings per common share:
Income (loss) before
extraordinary item. . . . . . . . $ 1.50 $ (5.58) $ (10.39) $ (4.26) $ 0.61
Extraordinary item. . . . . . . . . - - - 0.11 0.39
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Net income (loss) . . . . . . . . . $ 1.50 $ (5.58) $ (10.39) $ (4.15) $ 1.00
=========== =========== =========== =========== ===========
Loss before extraordinary item. . . $ (131,761) $ (222,016) $ (76,695)
Preferred stock dividend
requirement . . . . . . . . . . . (1,672) (1,673) (1,673)
Interest adj net of taxes . . . . . 4,964 4,408 2,818
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Loss applicable to common stock
before extraordinary item . . . . (128,469) (219,281) (75,550)
Extraordinary item, tax benefit . . 2,756 2,448 1,490
Extraordinary item, net . . . . . . - - 2,024
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Loss applicable to common stock . . $ (125,713) $ (216,833) $ (72,036)
=========== =========== ===========
Weighted average number
of common shares outstanding. . . . 23,914,298 21,533,992 18,395,970
Assumes exercise of stock options
and warrants. . . . . . . . . . . . 7,383,922 6,704,746 4,922,120
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Weighted average number of common
shares as adjusted. . . . . . . . . 31,298,220 28,238,738 23,318,090
=========== =========== ===========
Primary earnings per common share:
Loss before extraordinary item. . . $ (4.10) $ (7.77) $ (3.24)
Extraordinary item. . . . . . . . . 0.09 0.09 0.15
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Net loss (c). . . . . . . . . . . . $ (4.01) $ (7.68) $ (3.09)
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AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(in thousands of dollars except per share amount)
Years ended December 31,
-------------------------------------------------------------------
FULLY DILUTED EARNINGS PER SHARE 1993 1992 1991 1990 1989
----------- ------------ ------------ ------------ ------------
Computation for Statements of Operations:
Income (loss) before
extraordinary items. . . . . . . . . $ 37,165 $ (131,761) $ (222,016) $ (76,695) $ 12,803
Adjustment for interest
on debt reduction. . . . . . . . . . 5,812 - - - 1,219
Preferred stock dividend
requirement. . . . . . . . . . . . . - (1,672) (1,673) (1,673) (1,673)
----------- ----------- ----------- ----------- -----------
Income (loss) applicable
to common stock before
extraordinary items. . . . . . . . . 42,977 (133,433) (223,689) (78,368) 12,349
Extraordinary items,
tax benefit. . . . . . . . . . . . . - - - 2,024 7,902
----------- ----------- ----------- ----------- -----------
Net income (loss). . . . . . . . . . . $ 42,977 $ (133,433) $ (223,689) $ (76,344) $ 20,251
=========== =========== =========== =========== ===========
Weighted average number of
common shares outstanding. . . . . . 24,480,487 23,914,298 21,533,992 18,395,970 16,761,622
Assumed exercise of stock
options and warrants (a) . . . . . . 4,240,761 - - - 3,864,273
----------- ----------- ----------- ----------- -----------
Weighted average number of common
shares outstanding as adjusted . . . 28,721,248 23,914,298 21,533,992 18,395,970 20,625,895
=========== =========== =========== =========== ===========
Fully diluted income (loss)
per common share:
Income (loss) before
extraordinary items. . . . . . . . . $ 1.50 $ (5.58) $ (10.39) $ (4.26) $ 0.60
Extraordinary items. . . . . . . . . . - - - 0.11 0.38
----------- ----------- ----------- ----------- -----------
Net income (loss) (b). . . . . . . . . $ 1.50 $ (5.58) $ (10.39) $ (4.15) $ 0.98
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Additional Fully Diluted Computation:
Additional adjustment to net
income (loss) as adjusted per
fully diluted computation above
Income (loss) before
extraordinary items as
adjusted per fully diluted
computation above. . . . . . . . . $ 37,165 $ (131,761) $ (222,016) $ (76,695) $ 12,803
Add - Interest on 7.75%
subordinated debenture,
net of taxes . . . . . . . . . . . - - 869 1,829 1,853
Add - Interest on 7.5%
subordinated debenture,
net of taxes . . . . . . . . . . . - - 806 1,712 1,735
Add - Interest on 11.5%
subordinated debenture,
net of taxes . . . . . . . . . . . - - 3,506 7,629 6,948
Add interest on debt
reduction, net of taxes. . . . . . 5,812 4,964 4,352 2,777 1,219
----------- ----------- ----------- --------- -----------
Income (loss) before
extraordinary items
as adjusted. . . . . . . . . . . . 42,977 (126,797) (212,483) (62,748) 24,558
Extraordinary items. . . . . . . . . - 2,756 5,293 9,399 13,828
----------- ----------- ----------- --------- -----------
Net income (loss). . . . . . . . . . $ 42,977 $ (124,041) $ (207,190) $ (53,349) $ 38,386
=========== =========== =========== ========= ===========
Additional adjustment to
weighted average number of
shares outstanding
Weighted average number of
shares outstanding as
adjusted per fully diluted
computation above . . . . . . . . . 28,721,248 23,914,298 21,533,992 18,395,970 20,625,895
Additional dilutive effect of
outstanding options and warrants. . - 7,383,922 6,704,746 5,266,266 -
Additional dilutive effect
of assumed conversion
of preferred stock:
Series B 10.5%. . . . . . . . . . 851,294 1,164,596 1,164,596 1,164,596 1,164,596
Series C 9.75%. . . . . . . . . . 73,099 73,099 73,099 73,099 73,099
Additional dilutive effect of
assumed conversion of 7.75%
subordinated debenture. . . . . . 2,263,007 2,278,151 2,483,528 2,735,200 2,767,111
Additional dilutive effect
of assumed conversion of 7.5%
subordinated debenture. . . . . . 2,272,548 2,291,607 2,347,604 2,551,060 2,582,357
Additional dilutive effect of
assumed conversion of 11.5%
subordinated debenture. . . . . . 7,328,201 7,486,391 9,081,162 9,866,509 8,995,021
----------- ----------- ----------- ----------- -----------
Weighted average number of
common shares outstanding
as adjusted . . . . . . . . . . . 41,509,397 44,592,064 43,388,727 40,052,700 36,208,079
=========== =========== =========== =========== ===========
Fully diluted income (loss)
per common share:
Income (loss) before
extraordinary items . . . . . . . . $ 1.04 $ (2.84) $ (4.90) $ (1.57) $ 0.68
Extraordinary items . . . . . . . . . - 0.06 0.12 0.23 0.39
----------- ----------- ----------- ----------- -----------
Net income (loss) (c) . . . . . . . . $ 1.04 $ (2.78) $ (4.78) $ (1.34) $ 1.07
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(a) The stock options and warrants are included only in the periods
in which they are dilutive.
(b) The calculation is submitted in accordance with Regulation S-K
Item 601 (b)(11) although not required by footnote 2 to
paragraph 14 of APB Opinion No. 15 because it results in
dilution of less than 3%.
(c) The calculation is submitted in accordance with Regulation S-K
Item 601(b)(11) although it is contrary to paragraph 40 of
APB Opinion No. 15 because it produces an antidilutive result.