Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
1993 1992 1991
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Primary -
Income (loss) before accounting change ($30,918) ($80,270) $10,338
Deduct dividends on preferred shares (2,429) (6,400) (6,383)
Deduct preferred stock accretion (96) (288) (288)
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Income (loss) before accounting change
applicable to common shares (33,443) (86,958) 3,667
Cumulative effect of accounting change - (4,567) -
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Income (loss) applicable to common shares ($33,443) ($91,525) $3,667
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Average number of shares outstanding 13,340 13,309 13,198
Assumed exercise of stock options reduced by
the number of shares purchased with the
proceeds from exercise of such options - - 215
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Common shares outstanding as adjusted 13,340 13,309 13,413
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Earnings (loss) per common share:
Income (loss) before accounting change ($2.51) ($6.53) $0.27
Cumulative effect of accounting change - (0.34) -
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Net income (loss) ($2.51) ($6.87) $0.27
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Fully Diluted -
Income (loss) before accounting change ($30,918) ($80,270) $10,338
After tax interest on convertible securities 10,008 9,573 8,023
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Income (loss) before accounting change
applicable to common shares (20,910) (70,697) 18,361
Cumulative effect of accounting change - (4,567) -
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Income (loss) applicable to common shares ($20,910) ($75,264) $18,361
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Average number of shares outstanding 13,340 13,309 13,198
Common stock equivalents 12 84 215
Common stock reserved for conversion 8,975 9,093 8,113
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Average shares as adjusted 22,327 22,486 21,526
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Earnings (loss) per common share:
Income (loss) before accounting change ($0.94) ($3.14) $0.85
Cumulative effect of accounting change - (0.21) -
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Net income (loss) ($0.94) ($3.35) $0.85
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* Anti-dilutive * * *