1

                             DELTA AIR LINES, INC.
             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
                FOR SIX MONTHS ENDED DECEMBER 31, 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                                               $    270                $     54     
  Preferred dividends series C                                            (40)                    (40)     
  Preferred dividends series B                                             (4)                     (4)     
                                                                     --------                --------     
  Income  before cumulative effect of  accounting                                                        
    changes attributable to primary shares                                226                      10     
  Cumulative effect of accounting changes                                   -                     114     
                                                                     --------                --------     
  Net income  attributable to primary shares                         $    226                $    124     
                                                                     ========                ========
  Primary earnings  per share before                                                                     
    cumulative effect of accounting changes                              4.40                    0.21     
  Cumulative effect of accounting changes                                   -                    2.25     
                                                                     --------                --------     
  Primary earnings  per common share                                 $   4.40                $   2.46     
                                                                     ========                ========
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                                                        3                       2     
   Conversion of 3.23% convertible subordinated notes                      10                      10     
   Exercise of stock options                                                -                        *    
                                                                     --------                --------     
      Average shares outstanding as adjusted                               81                      80     
                                                                     ========                ========
  Income  before cumulative effect of                                                                    
    accounting changes                                               $    270                $     54     
  Interest on 3.23% convertible subordinated                                                             
    notes net of taxes                                                     16                      16     
  Additional required ESOP contribution assuming conversion                                              
    of series B ESOP convertible preferred stock                           (2)                     (2)     
  Income  before cumulative effect of                                                                    
    accounting changes                                               $    284                $     68     
  Cumulative effect of accounting changes                                   -                     114     
                                                                     --------                --------
  Net income attributable to fully                                                                      
    diluted common shares                                            $    284                $ 182.00     
                                                                     ========                ========
  Fully diluted earnings per common share                                                               
    before cumulative effect of accounting changes                   $   3.52                $   0.85     
  Cumulative effect of accounting changes                                   -                    1.43     
                                                                     --------                --------     
  Fully diluted earnings per common share                            $   3.52                $   2.28     
                                                                     ========                ========


* Antidilutive