DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
EXHIBIT 11
(In millons except per share amounts)
1995 1994
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PRIMARY:
Weighted average shares outstanding 51 50
Additional shares assuming
exercise of stock options * *
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Average shares outstanding as adjusted 51 50
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Net Income (loss) $ (11) $ (78)
Preferred dividends series C (20) (20)
Preferred dividends series B (2) (7)
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Net income (loss) attributable to primary common shares $ (33) $ (105)
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Primary earnings (loss) per common share $ (0.66) $ (2.10)
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FULLY DILUTED:
Weighted average shares outstanding 51 50
Additional shares assuming:
Conversion of series C convertible preferred stock 17 17
Conversion of series B ESOP convertible
preferred stock 2 7
Conversion of 3.23% convertible subordinated
notes 10 10
Exercise of stock options * *
------------ ------------
Average shares outstanding as adjusted 80 84
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Net income (loss) $ (11) $ (78)
Interest on 3.23% convertible subordinated
notes net of taxes 8 8
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock (1) (5)
------------ ------------
Net income (loss) attributable to fully
diluted common shares $ (4) $ (75)
============ ============
Fully diluted earnings (loss) per common share $ (0.06) * $ (0.89) *
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*Antidilutive
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE NINE MONTHS ENDED MARCH 31, 1995 AND 1994
EXHIBIT 11
(In millons except per share amounts)
1995 1994
------------ ------------
PRIMARY:
Weighted average shares outstanding 51 50
Additional shares assuming
exercise of stock options * *
------------ ------------
Average shares outstanding as adjusted 51 50
============ ============
Income (loss) before cumulative effect of
changes in accounting principles $ 43 $ (159)
Preferred dividends series C (60) (60)
Preferred dividends series B (6) (22)
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Income (loss) before cumulative effect of
changes in accounting principles
attributable to primary shares (23) (241)
Cumulative effect of changes in accounting principles 114 -
------------ ------------
Net income (loss) attributable to primary common shares $ 91 $ (241)
============ ============
Primary earnings (loss) per share common before
cumulative effect of changes in accounting principles $ (0.45) $ (4.81)
Cumulative effect of changes in accounting principles 2.25 -
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Primary earnings (loss) per common share $ 1.80 $ (4.81)
============ ============
FULLY DILUTED:
Weighted average shares outstanding 51 50
Additional shares assuming:
Conversion of series C convertible preferred stock 17 17
Conversion of series B ESOP convertible
preferred stock 2 7
Conversion of 3.23% convertible subordinated notes 10 10
Exercise of stock options * *
------------ ------------
Average shares outstanding as adjusted 80 84
============ ============
Income (loss) before cumulative effect of
changes in accounting principles $ 43 $ (159)
Interest on 3.23% convertible subordinated
notes net of taxes 23 23
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock (3) (13)
------------ ------------
Income (loss) before cumulative effect of
changes in accounting principles 63 (149)
Cumulative effect of changes in accounting principles 114 -
------------ ------------
Net income (loss) attributable to fully
diluted common shares $ 177 $ (149)
============ ============
Fully diluted earnings (loss) per common share
before cumulative effect of changes in
accounting principles $ 0.79 $ (1.78)
Cumulative effect of changes in accounting principles 1.43 -
------------ ------------
Fully diluted earnings (loss) per common share $ 2.22 * $ (1.78)*
============ ============
*Antidilutive