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EXHIBIT 11
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995
(in millions except per share amounts)
PRIMARY: 1996 1995
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Weighted average shares outstanding 74 51
Additional shares assuming
exercise of stock options - -
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Average shares outstanding as adjusted 74 51
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Net income $ 125 $ 70
Preferred dividends series C - (20)
Preferred dividends series B (2) (2)
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Net income available to primary shares $ 123 $ 48
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Primary earnings per common share $ 1.66 $ 0.93
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FULLY DILUTED:
Weighted average shares outstanding 74 51
Additional shares assuming:
Conversion of series C convertible preferred stock - 17
Conversion of series B ESOP convertible
preferred stock 2 2
Conversion of 3.23% convertible subordinated notes - 10
Exercise of stock options - -
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Average shares outstanding as adjusted 76 80
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Net income $ 125 $ 70
Interest on 3.23% convertible subordinated
notes, net of taxes - 8
Additional required ESOP contribution
assuming conversion of series B ESOP convertible preferred
stock, net of taxes (1) (1)
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Net income available to fully diluted common shares $ 124 $ 77
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Fully diluted earnings per common share $ 1.63 $ 0.95 *
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* Antidilutive
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DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995
(In millions except per share amounts)
1996 1995
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PRIMARY:
Weighted average shares outstanding 75 51
Additional shares assuming
exercise of stock options - -
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Average shares outstanding as adjusted 75 51
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Net income $ 363 $ 270
Preferred dividends series C - (40)
Preferred dividends series B (4) (4)
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Net income available to primary common shares 359 226
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Primary earnings per common share $4.77 $4.40
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FULLY DILUTED:
Weighted average shares outstanding 75 51
Additional shares assuming:
Conversion of series C convertible preferred stock 1 17
Conversion of series B ESOP convertible
preferred stock 2 3
Conversion of 3.23% convertible subordinated notes - 10
Exercise of stock options - -
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Average shares outstanding as adjusted 78 81
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Net income $ 363 $ 270
Interest on 3.23% convertible subordinated
notes, net of taxes - 16
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock, net of taxes (2) (2)
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Net income available to fully diluted common shares $ 361 $ 284
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Fully diluted earnings per common share $4.64 $3.52
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*Antidilutive