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EXHIBIT 11
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR YEARS ENDED JUNE 30, 1993, 1994, AND 1995
(In millions except per share amounts)
1993 1994 1995
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PRIMARY:
Weighted average shares outstanding 50 50 51
Additional shares assuming
exercise of stock options * * -
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Average shares outstanding as adjusted 50 50 51
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Income (loss) before cumulative effect of
accounting changes $ (415) $ (409) $ 294
Preferred dividends series C (80) (80) (80)
Preferred dividends series B (30) (30) (8)
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Income (loss) before cumulative effect of
accounting changes attributable to primary shares (525) (519) 206
Cumulative effect of accounting changes (587) - 114
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Net income (loss) attributable to primary shares $ (1,112) $ (519) $ 320
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Primary earnings (loss) per share before
cumulative effect of accounting changes $ (10.54) $ (10.32) $ 4.07
Cumulative effect of accounting changes (11.78) - 2.25
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Primary earnings (loss) per common share $ (22.32) $ (10.32) $ 6.32
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FULLY DILUTED:
Weighted average shares outstanding 50 50 51
Additional shares assuming:
Conversion of series C convertible preferred stock 17 17 17
Conversion of series B ESOP convertible
preferred stock 6 7 2
Conversion of 3.23% convertible subordinated notes - 10 10
Exercise of stock options * * -
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Average shares outstanding as adjusted 73 84 80
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Income (loss) before cumulative effect of
accounting changes $ (415) $ (409) $ 294
Interest on 3.23% convertible subordinated
notes net of taxes - 32 32
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock (16) (18) (5)
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Income (loss) before cumulative effect of
accounting changes (431) (395) 321
Cumulative effect of accounting changes (587) - 114
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Net income (loss) attributable to fully
diluted common shares $ (1,018) $ (395) $ 435
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Fully diluted earnings (loss) per common share
before cumulative effect of accounting changes $ (5.86) $ (4.72) $ 4.01
Cumulative effect of accounting changes (7.99) - 1.42
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Fully diluted earnings (loss) common share $ (13.85)* $ (4.72)* $ 5.43
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*Antidilutive