DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11
(In thousands except share and per share amounts)
Three Months Three Months
Ended Ended
December 31, December 31,
1993 1992**
------------ ------------
PRIMARY:
Weighted average shares outstanding 50,206,054 49,732,137
Additional shares assuming
exercise of stock options * *
------------ ------------
Average shares outstanding as adjusted 50,206,054 49,732,137
============ ============
Income (loss) before cumulative effect of
changes in accounting principles $ (141,040) $ (144,388)
Preferred dividends series C (20,125) (20,125)
Preferred dividends series B (7,469) (7,472)
------------ ------------
Income (loss) before cumulative effect of
changes in accounting principles
attributable to primary common shares (168,634) (171,985)
Cumulative effect of changes in accounting principles - -
------------ ------------
Net income (loss) attributable to primary shares $ (168,634) $ (171,985)
============ ============
Primary earnings (loss) per share before
cumulative effect of changes in accounting principles $ (3.36) $ (3.46)
Cumulative effect of changes in accounting principles - -
------------ ------------
Primary earnings (loss) per share $ (3.36) $ (3.46)
============ ============
FULLY DILUTED:
Weighted average shares outstanding 50,206,054 49,732,137
Additional shares assuming:
Conversion of series C convertible preferred stock 17,490,494 17,490,494
Conversion of series B ESOP convertible
preferred stock 5,922,912 5,945,468
Conversion of 3.23% convertible subordinated notes 10,149,072 -
Exercise of stock options * *
------------ ------------
Average shares outstanding as adjusted 83,768,532 73,168,099
============ ============
Income (loss) before cumulative effect of
changes in accounting principles $ (141,040) $ (144,388)
Expenses of 3.23% convertible subordinated
notes net of taxes 7,786 -
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock net of taxes (4,519) (3,822)
------------ ------------
Income (loss) before cumulative effect of
changes in accounting principles (137,773) (148,210)
Cumulative effect of changes in accounting principles - -
------------ ------------
Net income (loss) attributable to fully
diluted common shares $ (137,773) $ (148,210)
============ ============
Fully diluted earnings (loss) per common share
before cumulative effect of changes in
accounting principles $ (1.64) $ (2.03)
Cumulative effect of changes in accounting principles - -
------------ ------------
Fully diluted earnings (loss) per common share $ (1.64) $ (2.03)
============ ============
*Antidilutive
**Restated as described in Note 1
EXHIBIT 11
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(In thousands except share and per share amounts)
---------------------------
Six Months Six Months
Ended Ended
December 31, December 31,
1993 1992**
------------ ------------
PRIMARY:
Weighted average shares outstanding 50,188,078 49,724,667
Additional shares assuming exercise of stock
options * *
----------- -----------
Average shares outstanding as adjusted 50,188,078 49,724,667
=========== ===========
Income (loss) before cumulative effect of
changes in accounting principles $ (80,691) $ (269,583)
Preferred dividends series C (40,250) (40,250)
Preferred dividends series B (14,932) (14,959)
----------- -----------
Income (loss) before cumulative effect of
changes in accounting principles attributable
to primary common shares (135,873) (324,792)
Cumulative effect of changes in accounting
principles - (587,144)
----------- -----------
Net income (loss) attributable to primary
shares $ (135,873) $ (911,936)
=========== ===========
Primary earnings (loss) per share before
cumulative effect of changes in accounting
principles $ (2.71) $ (6.53)
Cumulative effect of changes in accounting
principles - (11.81)
----------- -----------
Primary earnings (loss) per share $ (2.71) $ (18.34)
=========== ===========
FULLY DILUTED:
Weighted average shares outstanding 50,188,078 49,724,667
Additional shares assuming:
Conversion of series C convertible preferred
stock 17,490,494 17,490,494
Conversion of series B ESOP convertible
preferred stock 5,924,878 5,946,474
Conversion of 3.23% convertible subordinated
notes 10,149,072 -
Exercise of stock options * *
----------- -----------
Average shares outstanding as adjusted 83,752,522 73,161,635
=========== ===========
Income (loss) before cumulative effect of
changes in accounting principles $ (80,691) $ (269,583)
Expenses of 3.23% convertible subordinated
notes net of taxes 15,573 -
Additional required ESOP contribution
assuming conversion of series B ESOP
convertible preferred stock net of taxes (9,034) (7,358)
----------- -----------
Income (loss) before cumulative effect of
changes in accounting principles (74,152) (276,941)
Cumulative effect of changes in accounting
principles - (587,144)
----------- -----------
Net income (loss) attributable to fully diluted
common shares $ (74,152) $ (864,085)
=========== ===========
Fully diluted earnings (loss) per common share
before cumulative effect of changes in
accounting principles $ (0.89) $ (3.79)
Cumulative effect of changes in accounting
principles - (8.02)
----------- -----------
Fully diluted earnings (loss) per common share $ (0.89) $ (11.81)
=========== ===========
*Antidilutive
** Restated as described in Note 1