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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1995 1994 1995 1994
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Primary -
Net income $7,021 $9,681 ($9,319) $3,368
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Average number of shares outstanding 13,411 13,359 13,405 13,354
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 35 7 - 10
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Average shares as adjusted 13,446 13,366 13,405 13,364
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Earnings per common share $0.52 $0.72 ($0.70) $0.25
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Fully Diluted -
Net income $7,021 $9,681 ($9,319) $3,368
After tax interest on convertible securities 2,206 2,396 4,314 4,744
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Income applicable to common shares $9,227 $12,077 ($5,005) $8,112
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Average number of shares outstanding 13,411 13,359 13,405 13,354
Assumed exercise of stock options 83 8 57 10
Assumed conversion of 6.5% debentures 203 0 102 0
Assumed conversion of 7.75% debentures 508 512 508 515
Assumed conversion of 6.875% debentures 1,608 1,708 1,608 1,750
Assumed conversion of 7.25% zero coupon notes 3,442 4,153 3,503 4,214
Assumed conversion of preferred shares 0 0 0 0
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Average shares as adjusted 19,255 19,740 19,183 19,843
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Earnings per Common Share $0.48 $0.61 ($0.26) $0.41
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* *
* Anti-dilutive