Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
Three Month Ended Six Month Ended
June 30, June 30,
1996 1995 1996 1995
PRIMARY -
Net income $17,980 $7,021 $10,795 ($9,319)
Average number of shares outstanding 14,324 13,411 14,012 13,405
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 202 35 146 0
Average shares as adjusted 14,526 13,446 14,158 13,405
Primary earnings per common share $1.24 $0.52 $0.76 ($0.70)
FULLY DILUTED -
Net income $17,980 $7,021 $10,795 ($9,319)
After tax interest on convertible debt 2,009 2,206 4,019 4,314
Income applicable to common shares $19,989 $9,227 $14,814 ($5,005)
Average number of shares outstanding 14,324 13,411 14,012 13,405
Assumed exercise of stock options 202 83 229 57
Assumed conversion of 6.5% debentures 6,151 203 6,151 102
Assumed conversion of 7.75% debentures 381 508 381 508
Assumed conversion of 6.875% debentures 1,608 1,608 1,608 1,608
Assumed conversion of 7.25% notes 0 3,442 0 3,503
Average shares as adjusted 22,666 19,255 22,381 19,183
Fully diluted earnings per common share $0.88 $0.48 $0.66 ($0.26)
*
* Anti-dilutive