1 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS FOR QUARTERS ENDED SEPTEMBER 30, 1995 AND 1994 EXHIBIT 11 (In millons except per share amounts) 1995 1994 ----------- ----------- PRIMARY: Weighted average shares outstanding 51 51 Additional shares assuming exercise of stock options - * ----------- ----------- Average shares outstanding as adjusted 51 51 =========== =========== Income before cumulative effect of accounting changes $ 201 $ 72 Preferred dividends series C (20) (20) Preferred dividends series B (2) (2) ----------- ----------- Income before cumulative effect of accounting changes attributable to primary shares 179 50 Cumulative effect of accounting changes - 114 ----------- ----------- Net income attributable to primary shares $ 179 $ 164 =========== =========== Primary earnings per share before cumulative effect of accounting changes $ 3.47 $ 1.00 Cumulative effect of accounting changes - 2.25 ----------- ----------- Primary earnings per common share $ 3.47 $ 3.25 =========== =========== FULLY DILUTED: Weighted average shares outstanding 51 51 Additional shares assuming: Conversion of series C convertible preferred stock 17 17 Conversion of series B ESOP convertible preferred stock 2 2 Conversion of 3.23% convertible subordinated notes 10 10 Exercise of stock options - * ----------- ----------- Average shares outstanding as adjusted 80 80 =========== =========== Income before cumulative effect of accounting changes $ 201 $ 72 Interest on 3.23% convertible subordinated notes net of taxes 8 8 Additional required ESOP contribution assuming conversion of series B ESOP convertible preferred stock (1) (1) Income before cumulative effect of accounting changes 208 79 Cumulative effect of accounting changes - 114 ----------- ----------- Net income attributable to fully diluted common shares $ 208 $ 193 =========== =========== Fully diluted earnings per common share before cumulative effect of accounting changes $ 2.57 $ 0.99 Cumulative effect of accounting changes - 1.43 ----------- ----------- Fully diluted earnings common share $ 2.57 $ 2.42 =========== =========== * Antidilutive 22