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