Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
1995 1994 1993
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Primary -
Net income (loss) $17,255 $22,531 ($30,918)
Deduct dividends on preferred shares - - (2,429)
Deduct preferred stock accretion - - (96)
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Income (loss) applicable to common shares $17,255 $22,531 ($33,443)
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Average number of shares outstanding 13,471 13,367 13,340
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 14 11 -
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Common shares outstanding as adjusted 13,485 13,378 13,340
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Primary Earnings (Loss) per Share $1.28 $1.68 ($2.51)
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Fully Diluted -
Net income (loss) $17,255 $22,531 ($30,918)
After tax interest on convertible securities 8,952 9,252 10,008
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Income (loss) applicable to common shares $26,207 $31,783 ($20,910)
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Average number of shares outstanding 13,471 13,367 13,340
Assumed exercise of stock options 14 11 12
Assumed conversion of 6.5% debentures 3,151 - -
Assumed conversion of 7.75% debentures 468 512 518
Assumed conversion of 6.875% debentures 1,608 1,678 1,865
Assumed conversion of 7.25% zero coupon notes 2,053 4,030 4,277
Assumed conversion of preferred shares 0 0 0
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Average shares as adjusted 20,765 19,598 20,012
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Fully Diluted Earnings (Loss) per Share $1.26 $1.62 ($0.94)
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* Anti-dilutive *