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
March 31, March 31,
1994 1993**
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PRIMARY:
Weighted average shares outstanding 50,256,860 49,872,116
Additional shares assuming
exercise of stock options * *
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Average shares outstanding as adjusted 50,256,860 49,872,116
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Income (loss) before cumulative effect of
changes in accounting principles $ (77,882) $ (152,315)
Preferred dividends series C (20,125) (20,125)
Preferred dividends series B (7,406) (7,481)
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Income (loss) before cumulative effect of
changes in accounting principles
attributable to primary common shares (105,413) (179,921)
Cumulative effect of changes in accounting principles - -
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Net income (loss) attributable to primary shares $ (105,413) $ (179,921)
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Primary earnings (loss) per share before
cumulative effect of changes in accounting principles $ (2.10) $ (3.61)
Cumulative effect of changes in accounting principles - -
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Primary earnings (loss) per share $ (2.10) $ (3.61)
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FULLY DILUTED:
Weighted average shares outstanding 50,256,860 49,872,116
Additional shares assuming:
Conversion of series C convertible preferred stock 17,490,494 17,490,494
Conversion of series B ESOP convertible
preferred stock 5,911,712 5,941,323
Conversion of 3.23% convertible subordinated notes 10,149,072 -
Exercise of stock options * *
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Average shares outstanding as adjusted 83,808,138 73,303,933
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Income (loss) before cumulative effect of
changes in accounting principles $ (77,882) $ (152,315)
Expenses of 3.23% convertible subordinated
notes net of taxes 7,787 -
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock net of taxes (4,500) (4,453)
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Income (loss) before cumulative effect of
changes in accounting principles (74,595) (156,768)
Cumulative effect of changes in accounting principles - -
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Net income (loss) attributable to fully
diluted common shares $ (74,595) $ (156,768)
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Fully diluted earnings (loss) per common share
before cumulative effect of changes in
accounting principles $ (0.89) $ (2.14)
Cumulative effect of changes in accounting principles - -
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Fully diluted earnings (loss) per common share $ (0.89) $ (2.14)
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*Antidilutive
** Restated as described in Note 1.
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11
(In thousands except share and per share amounts)
Nine Months Nine Months
Ended Ended
March 31, March 31,
1994 1993**
----------- -----------
PRIMARY:
Weighted average shares outstanding 50,210,671 49,773,099
Additional shares assuming
exercise of stock options * *
----------- -----------
Average shares outstanding as adjusted 50,210,671 49,773,099
=========== ===========
Income (loss) before cumulative effect of
changes in accounting principles $ (158,573) $ (421,897)
Preferred dividends series C (60,375) (60,375)
Preferred dividends series B (22,338) (22,440)
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Income (loss) before cumulative effect of
changes in accounting principles
attributable to primary common shares (241,286) (504,712)
Cumulative effect of changes in accounting principles - (587,144)
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Net income (loss) attributable to primary shares $ (241,286) $ (1,091,856)
=========== ===========
Primary earnings (loss) per share before
cumulative effect of changes in accounting principles $ (4.81) $ (10.14)
Cumulative effect of changes in accounting principles - (11.80)
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Primary earnings (loss) per share $ (4.81) $ (21.94)
=========== ===========
FULLY DILUTED:
Weighted average shares outstanding 50,210,671 49,773,099
Additional shares assuming:
Conversion of series C convertible preferred stock 17,490,494 17,490,494
Conversion of series B ESOP convertible
preferred stock 5,920,553 5,944,781
Conversion of 3.23% convertible subordinated notes 10,149,072 -
Exercise of stock options * *
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Average shares outstanding as adjusted 83,770,790 73,208,374
=========== ===========
Income (loss) before cumulative effect of
changes in accounting principles $ (158,573) $ (421,897)
Expenses of 3.23% convertible subordinated
notes net of taxes 23,360 -
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock net of taxes (13,513) (11,824)
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Income (loss) before cumulative effect of
changes in accounting principles (148,726) (433,721)
Cumulative effect of changes in accounting principles - (587,144)
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Net income (loss) attributable to fully
diluted common shares $ (148,726) $ (1,020,865)
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Fully diluted earnings (loss) per common share
before cumulative effect of changes in
accounting principles $ (1.78) $ (5.92)
Cumulative effect of changes in accounting principles - (8.02)
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Fully diluted earnings (loss) per common share $ (1.78) $ (13.94)
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*Antidilutive
**Restated as described in Note 1.