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EXHIBIT 11
DELL COMPUTER CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(in millions, except per share data)
Three Months Ended
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April 28, April 30,
1996 1995
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Primary earnings per common share:
Calculation of weighted average shares(a):
Weighted average shares of common stock outstanding . . . . . 91.7 83.9
Weighted average shares of common stock equivalents,
utilizing the treasury stock method . . . . . . . . . . . . 5.7 6.6
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Weighted average shares outstanding . . . . . . . . . . . . . 97.4 90.5
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Earnings:
Net income available to common stockholders . . . . . . . . . $82 $50
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Earnings per common share(a)(b) . . . . . . . . . . . . . . . . . . $0.84 $0.55
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Fully diluted earnings per common share:
Calculation of weighted average shares(a):
Weighted average shares of common stock outstanding . . . . . 91.7 83.9
Weighted average shares of common stock equivalents,
utilizing the treasury stock method . . . . . . . . . . . . 6.2 7.4
Assumed conversion of Convertible Preferred Stock . . . . . . .5 6.2(c)
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Weighted average shares outstanding . . . . . . . . . . . . . 98.4 97.5
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Earnings:
Net income available to common stockholders . . . . . . . . . $82 $ 50
Add: preferred dividends . . . . . . . . . . . . . . . . . . -- 1(d)
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Adjusted net income available to common stockholders . . . . . $82 $51
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Earnings per common share(a)(b) . . . . . . . . . . . . . . . . . . $0.84 $0.53
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(a) All share and per share information for fiscal 1996 has been retroactively
restated to reflect the two-for-one common stock split which took place
during the third quarter of fiscal 1996.
(b) Earnings per common share was calculated using the underlying data in
thousands.
(c) Assumes conversion, at the beginning of fiscal 1996, of the 60,000 shares
of outstanding Convertible Preferred Stock and assumes conversion of the
remaining Convertible Preferred Stock (those shares which were converted in
March 1995) for the period from the beginning of fiscal 1996 to the actual
conversion date.
(d) Preferred dividends are exclusive of the conversion premium and expenses
of the conversion offer.