1 EXHIBIT 11 DELL COMPUTER CORPORATION STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED --------------------------------- APRIL 30, 1995 MAY 1, 1994 -------------- ----------- Primary earnings per common share: Calculation of weighted average shares: Weighted average common stock outstanding 41,970 38,109 Weighted average common stock equivalents, utilizing the treasury stock method 3,284 2,206 -------- -------- Weighted average shares outstanding 45,254 40,315 ======== ======== Earnings: Net income applicable to common stockholders $ 50,060 $ 16,786 ======== ======== Earnings per common share $ 1.11 $ 0.42 ======== ======== Fully diluted earnings per common share: Calculation of weighted average shares: Weighted average common stock outstanding 41,970 38,109 Weighted average common stock equivalents, utilizing the treasury stock method 3,687 2,051 Assumed conversion of preferred stock 3,115(a) 5,263 -------- -------- Weighted average shares outstanding 48,772 45,423 ======== ======== Earnings: Net income applicable to common stockholders $ 50,060 $ 16,786 Add: preferred dividends 1,292(b) 2,187 -------- -------- Adjusted net income applicable to common stockholders $ 51,352 $ 18,973 ======== ======== Earnings per common share $ 1.05 $ 0.42(c) ======== ======== _________ (a) Assumes conversion of the 60,000 shares of outstanding Preferred Stock at the beginning of the quarter and of the remaining Preferred Stock from the beginning of the quarter to the actual conversion date. (b) Preferred dividends are exclusive of the conversion premium and expenses of the conversion offer. (c) Amount was not disclosed on the face of the Condensed Consolidated Statement of Operations as there was no further dilution. 19