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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1995 1994
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Primary -
Net income ($16,340) ($6,313)
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Average number of shares outstanding 13,400 13,349
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options - -
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Average shares as adjusted 13,400 13,349
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Earnings per common share ($1.22) ($0.47)
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Fully Diluted -
Net income ($16,340) ($6,313)
After tax interest on convertible securities 2,111 2,428
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Income applicable to common shares ($14,229) ($3,885)
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Average number of shares outstanding 13,400 13,349
Assumed exercise of stock options 4 18
Assumed conversion of 7.75% debentures 508 518
Assumed conversion of 6.875% debentures 1,608 1,791
Assumed conversion of 7.25% zero coupon notes 3,565 4,277
Assumed conversion of preferred shares 0 0
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Average shares as adjusted 19,085 19,953
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Earnings per Common Share ($0.75) ($0.19)
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* *
* Anti-dilutive