1 DELL COMPUTER CORPORATION STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (IN MILLIONS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED SIX MONTHS ENDED ---------------------------------- ---------------------------------- AUGUST 3, 1997 JULY 28, 1996 AUGUST 3, 1997 JULY 28, 1996 ---------------- ----------------- ----------------- ---------------- Primary earnings per common share: Calculation of weighted average shares (a): Weighted average shares of common stock outstanding 334 360 337 364 Weighted average shares of common stock equivalents, utilizing the treasury stock method 30 29 29 27 ---------------- ----------------- ----------------- ---------------- Weighted average shares outstanding 364 389 366 391 ================ ================= ================= ================ Earnings: Net Income available to stockholders $214 $103 $412 $185 ================ ================= ================= ================ Earnings per common share (a)(b) $0.59 $0.26 $1.13 $0.47 ================ ================= ================= ================ Fully diluted earnings per common share: Calculation of weighted average shares (a): Weighted average shares of common stock outstanding 334 360 337 364 Weighted average shares of common stock equivalents, utilizing the treasury stock method 32 30 32 30 Assumed conversion of Convertible Preferred Stock (c) -- 2 -- 2 ---------------- ----------------- ----------------- ---------------- Weighted average shares outstanding 366 392 369 396 ================ ================= ================= ================ Earnings: Net Income available to common stockholders $214 $103 $412 $185 ================ ================= ================= ================ Earnings per common share (a)(b) $0.58 $0.26 $1.12 $0.47 ================ ================= ================= ================ (a) All share and per share information for fiscal 1997 reflects both two-for-one common stock splits effected on December 6, 1996 and July 25, 1997. (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. 16