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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1995 1994 1995 1994
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Primary -
Net income $27,352 $24,263 $18,033 $27,631
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Average number of shares outstanding 13,509 13,370 13,440 13,359
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 66 16 10 12
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Average shares as adjusted 13,575 13,386 13,450 13,371
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Earnings per common share $2.01 $1.81 $1.34 $2.07
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Fully Diluted -
Net income $27,352 $24,263 $18,033 $27,631
After tax interest on convertible securities 2,580 2,318 6,868 7,037
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Income applicable to common shares $29,932 $26,581 $24,901 $34,668
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Average number of shares outstanding 13,509 13,370 13,440 13,359
Assumed exercise of stock options 66 19 10 15
Assumed conversion of 6.5% debentures 6,151 0 2,141 0
Assumed conversion of 7.75% debentures 446 508 487 513
Assumed conversion of 6.875% debentures 1,608 1,608 1,608 1,702
Assumed conversion of 7.25% zero coupon notes 1,254 3,981 2,745 4,136
Assumed conversion of preferred shares 0 0 0 0
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Average shares as adjusted 23,034 19,486 20,431 19,725
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Earnings per Common Share $1.30 $1.36 $1.22 $1.76
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