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EXHIBIT 11
DELL COMPUTER CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
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OCTOBER 29, OCTOBER 30, OCTOBER 29, OCTOBER 30,
1995 1994 1995 1994
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Primary earnings per common share:
Calculation of weighted average shares:
Weighted average shares of common stock
outstanding 92,081 77,475 88,909 76,758
Weighted average shares of common stock
equivalents, utilizing the treasury stock method 7,979 6,707 7,429 5,260
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Weighted average shares outstanding 100,060 84,182 96,338 82,018
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Earnings:
Net income available to common stockholders $ 75,311 $ 39,167 $ 190,341 $ 82,324
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Earnings per common share $ 0.75 $ 0.47 $ 1.98 $ 1.00
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Fully diluted earnings per common share:
Calculation of weighted average shares:
Weighted average shares of common stock
outstanding 92,081 77,475 88,909 76,758
Weighted average shares of common stock
equivalents, utilizing the treasury stock method 8,390 7,679 8,481 6,604
Assumed conversion of Convertible Preferred Stock 505(a) 10,526 2,414(a) 10,526
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Weighted average shares outstanding 100,976 95,680 99,804 93,888
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Earnings:
Net income available to common stockholders $ 75,311 $ 39,167 $ 190,341 $ 82,324
Add: preferred dividends 105 2,187 1,502(b) 6,562
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Adjusted net income available to common
stockholders $ 75,416 $ 41,354 $ 191,843 $ 88,886
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Earnings per common share $ 0.75 $ 0.43 $ 1.92 $ 0.95
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(a) Assumes conversion of the 60,000 shares of outstanding Convertible
Preferred Stock at the beginning of the third quarter and the
nine-month period and assumes conversion of the remaining Convertible
Preferred Stock (those shares which were converted in March 1995)
from the beginning of the nine-month period to the actual conversion
date.
(b) Preferred dividends are exclusive of the conversion premium and
expenses of the conversion offer.