1 EXHIBIT 11 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS FOR YEARS ENDED JUNE 30, 1994, 1995, AND 1996 (In millions except per share amounts) PRIMARY: 1994 1995 1996 ------------- ------------- ----------- Weighted average shares outstanding 50 51 52 Additional shares assuming exercise of stock options * - - ------------- ------------- ----------- Average shares outstanding as adjusted 50 51 52 ============= ============= =========== Income (loss) before cumulative effect of accounting changes $ (409) $ 294 $ 156 Preferred dividends series C (80) (80) (74) Preferred dividends series B (30) (8) (8) ------------- ------------- ----------- Income (loss) before cumulative effect of accounting changes attributable to primary shares (519) 206 74 Cumulative effect of accounting changes - 114 - ------------- ------------- ----------- Net income (loss) attributable to primary shares $ (519) $ 320 $ 74 ============= ============= =========== Primary earnings (loss) per share before cumulative effect of accounting changes $ (10.32) $ 4.07 $ 1.42 Cumulative effect of accounting changes - 2.25 - ------------- ------------- ----------- Primary earnings (loss) per common share $ (10.32) $ 6.32 $ 1.42 ============= ============= =========== FULLY DILUTED: Weighted average shares outstanding 50 51 52 Additional shares assuming: Conversion of series C convertible preferred stock 17 17 17 Conversion of series B ESOP convertible preferred stock 7 2 2 Conversion of 3.23% convertible subordinated notes 10 10 9 Exercise of stock options * - - ------------- ------------- ----------- Average shares outstanding as adjusted 84 80 80 ============= ============= =========== Income (loss) before cumulative effect of accounting changes $ (409) $ 294 $ 156 Interest on 3.23% convertible subordinated notes net of taxes 32 32 26 Additional required ESOP contribution assuming conversion of series B ESOP convertible preferred stock (18) (5) (4) ------------- ------------- ----------- Income (loss) before cumulative effect of accounting changes (395) 321 178 Cumulative effect of accounting changes - 114 - Net income (loss) attributable to fully ------------- ------------- ----------- diluted common shares $ (395) $ 435 $ 178 ============= ============= =========== Fully diluted earnings (loss) per common share before cumulative effect of accounting changes $ (4.72)* $ 4.01 $ 2.21 * Cumulative effect of accounting changes - 1.42 - ------------- ------------- ----------- Fully diluted earnings (loss) common share $ (4.72)* $ 5.43 $ 2.21 * ============= ============= =========== *Antidilutive