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,
1997 1996 1997 1996
PRIMARY -
Net income $20,800 $17,980 $15,100 $10,795
Average number of shares outstanding 14,576 14,324 14,533 14,012
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 136 202 116 146
Average shares as adjusted 14,712 14,526 14,649 14,158
Primary earnings per common share $1.41 $1.24 $1.03 $0.76
FULLY DILUTED -
Net income $20,800 $17,980 $15,100 $10,795
After tax interest on convertible debt 1,889 2,009 3,758 4,019
Income applicable to common shares $22,689 $19,989 $18,858 $14,814
Average number of shares outstanding 14,576 14,324 14,533 14,012
Assumed exercise of stock options 162 202 171 229
Assumed conversion of 6.5% debentures 6,151 6,151 6,151 6,151
Assumed conversion of 7.75% debentures 0 381 0 381
Assumed conversion of 6.875% debentures 1,608 1,608 1,608 1,608
Average shares as adjusted 22,497 22,666 22,463 22,381
Fully diluted earnings per common share $1.01 $0.88 $0.84 $0.66