1
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 1995 AND 1994
EXHIBIT 11
(in millions except per share amounts)
1995 1994
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PRIMARY:
Weighted average shares outstanding 51 51
Additional shares assuming
exercise of stock options - *
----- ------
Average shares outstanding as adjusted 51 51
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Net income (loss) $ 70 $ (18)
Preferred dividends series C (20) (20)
Preferred dividends series B (2) (2)
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Net income (loss) attributable to primary shares $ 48 $ (40)
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Primary earnings (loss) per common share $0.93 $(0.79)
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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 1
Conversion of 3.23% convertible subordinated notes 10 10
Exercise of stock options - *
----- ------
Average shares outstanding as adjusted 80 79
===== ======
Net income (loss) $ 70 $ (18)
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)
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Net income (loss) attributable to fully
diluted common shares $ 77 $ (11)
===== ======
Fully diluted earnings (loss) per common share $0.95* $(0.14)*
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*Antidilutive
2
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
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Net income attributable to primary shares $ 226 $ 124
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Primary earnings per share before
cumulative effect of accounting changes 4.40 0.21
Cumulative effect of accounting changes - 2.25
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Primary earnings per common share $ 4.40 $ 2.46
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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
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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
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Net income attributable to fully
diluted common shares $ 284 $ 182.00
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Fully diluted earnings per common share
before cumulative effect of accounting changes $ 3.52 $ 0.85
Cumulative effect of accounting changes - 1.43
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Fully diluted earnings per common share $ 3.52 $ 2.28
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* Antidilutive