Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
Three Months Ended
March 31,
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1994 1993
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Primary -
Income before accounting change ($6,313) ($15,033)
Deduct dividends on preferred shares - (1,573)
Deduct preferred stock accretion - (72)
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Income applicable to common shares ($6,313) ($16,678)
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Average number of shares outstanding 13,349 13,334
Assumed exercise of stock options - -
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Average shares as adjusted 13,349 13,334
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Earnings per common share ($0.47) ($1.25)
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Fully Diluted -
Net income ($6,313) ($15,033)
After tax interest on convertible securities 2,428 2,317
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Income applicable to common shares ($3,885) ($12,716)
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Average number of shares outstanding 13,349 13,334
Common stock equivalents 18 36
Common stock reserved for conversion 8,901 9,093
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Average shares as adjusted 22,268 22,463
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Earnings per Common Share ($0.17) ($0.57)
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* *
* Anti-dilutive