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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 NINE MONTHS ENDED
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OCTOBER 27, OCTOBER 29, OCTOBER 27, OCTOBER 29,
1996 1995 1996 1995
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Primary earnings per common share:
Calculation of weighted average shares (a):
Weighted average shares of common stock
outstanding 176.1 184.2 180.4 177.8
Weighted average shares of common stock
equivalents, utilizing the treasury stock method 14.9 15.9 13.6 14.9
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Weighted average shares outstanding 191.0 200.1 194.0 192.7
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Earnings:
Net income available to common stockholders $ 145 $ 75 $ 330 $ 190
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Earnings per common share (a)(b) $ .76 $ .38 $ 1.70 $ .99
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Fully diluted earnings per common share:
Calculation of weighted average shares (a):
Weighted average shares of common stock outstanding 176.1 184.2 180.4 177.8
Weighted average shares of common stock
equivalents, utilizing the treasury stock method 15.7 16.8 16.8 17.0
Assumed conversion of Convertible Preferred Stock 0.2(d) 1.0 0.8(d) 4.8(c)
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Weighted average shares outstanding 192.0 202.0 198.0 199.6
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Earnings:
Net income available to common stockholders $ 145 $ 75 $ 330 $ 190
Add: preferred dividends -- -- -- 2(e)
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Adjusted net income available to
common stockholders $ 145 $ 75 $ 330 $ 192
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Earnings per common share (a)(b) $ .76 $ .37 $ 1.67 $ .96
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(a) All share and per share information for fiscal 1997 and fiscal 1996
reflects the two-for-one common stock split effected on December 6, 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) Assumes conversion of the 60,000 shares of outstanding convertible
preferred stock from the beginning of the third quarter and the nine-month
period to the actual conversion date.
(e) Preferred dividends are exclusive of the conversion premium and expenses
of the conversion offer.
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