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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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MAY 4, APRIL 28,
1997 1996
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Primary earnings per common share:
Calculation of weighted average shares (a):
Weighted average shares of common stock outstanding ...... 170 183
Weighted average shares of common stock
equivalents, utilizing the treasury stock method ........ 14 12
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Weighted average shares outstanding ...................... 184 195
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Earnings:
Net income available to common stock stockholders ........ $ 198 $ 82
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Earnings per common share (a)(b) ........................... $ 1.08 $ 0.42
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Fully diluted earnings per common share:
Calculation of weighted average shares (a):
Weighted average shares of common stock outstanding ...... 170 183
Weighted average shares of common stock
equivalents, utilizing the treasury stock method ........ 14 13
Assumed conversion of Convertible Preferred Stock ........ -- 1(c)
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Weighted average shares outstanding ...................... 184 197
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Net income available to common stockholders .............. $ 198 $ 82
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Earnings per common share (a)(b) ........................... $ 1.08 $ 0.42
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(a) All share and per share information for fiscal 1997 reflects the
two-for-one common stock split effected on December 6, 1996. However,
share and per share information does not reflect the proposed stock split
announced on May 20, 1997. For further information regarding the proposed
stock split, see Note 2 of the Notes to the Condensed Consolidated
Financial Statements.
(b) Earnings per common share was calculated using the underlying data in
thousands.
(c) Assumes conversion of the 60,000 shares of outstanding convertible
preferred stock from the beginning of fiscal 1997 to the actual conversion
date.