Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
Three Months Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Primary -
Net income $9,681 ($3,589) $3,368 ($18,622)
Deduct dividends on preferred shares - (856) - (2,453)
Deduct preferred stock accretion - (24) - (72)
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Income applicable to common shares $9,681 ($4,469) $3,368 ($21,147)
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Average number of shares outstanding 13,359 13,341 13,354 13,337
Assumed exercise of stock options 7 - 10 -
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Average shares as adjusted 13,366 13,341 13,364 13,337
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Earnings per common share $0.72 ($0.33) $0.25 ($1.59)
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Fully Diluted -
Net income $9,681 ($3,589) $3,368 ($18,622)
After tax interest on convertible securities 2,396 2,918 4,744 4,994
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Income applicable to common shares $12,077 ($671) $8,112 ($13,628)
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Average number of shares outstanding 13,359 13,341 13,354 13,337
Common stock equivalents 8 17 10 21
Common stock reserved for conversion 8,688 9,007 8,794 9,049
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Average shares as adjusted 22,055 22,365 22,158 22,407
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Earnings per Common Share $0.55 ($0.03) $0.37 ($0.61)
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* * *
* Anti-dilutive