Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
Three Months Ended Nine Months Ended
September 30, September 30,
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1994 1993 1994 1993
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Primary -
Net income $24,263 $8,028 $27,631 ($10,594)
Deduct dividends on preferred shares - - - (2,453)
Deduct preferred stock accretion - - - (72)
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Income applicable to common shares $24,263 $8,028 $27,631 ($13,119)
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Average number of shares outstanding 13,370 13,342 13,359 13,339
Assumed exercise of stock options 16 6 12 -
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Average shares as adjusted 13,386 13,348 13,371 13,339
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Earnings per common share $1.81 $0.60 $2.07 ($0.98)
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Fully Diluted -
Net income $24,263 $8,028 $27,631 ($10,594)
After tax interest on convertible securities 2,318 2,530 7,037 7,514
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Income applicable to common shares $26,581 $10,558 $34,668 ($3,080)
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Average number of shares outstanding 13,370 13,342 13,359 13,339
Common stock equivalents 19 5 15 12
Common stock reserved for conversion 8,412 8,907 8,666 9,001
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Average shares as adjusted 21,801 22,254 22,040 22,352
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Earnings per Common Share $1.22 $0.47 $1.57 ($0.14)
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*
* Anti-dilutive