1
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
EXHIBIT 11
(In millions except per share amounts)
1997 1996
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PRIMARY:
Weighted average shares outstanding 73 51
Additional shares assuming
exercise of stock options 1 --
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Average shares outstanding as adjusted 74 51
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Net income (loss) $ 189 $ (276)
Preferred dividends series C -- (20)
Preferred dividends series B (2) (2)
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Net income (loss) available to primary common shares $ 187 $ (298)
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Primary earnings (loss) per common share $2.52 $(5.77)
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FULLY DILUTED:
Weighted average shares outstanding 73 51
Additional shares assuming:
Conversion of series C convertible preferred stock -- 17
Conversion of series B ESOP convertible
preferred stock 2 3
Conversion of 3.23% convertible subordinated notes -- 10
Exercise of stock options 1 --
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Average shares outstanding as adjusted 76 81
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Net income (loss) $ 189 $ (276)
Interest on 3.23% convertible subordinated
notes net of taxes -- 7
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock (2) (1)
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Net income (loss) available to fully diluted common shares $ 187 $ (270)
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Fully diluted earnings (loss) per common share $2.47 $(3.33) *
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*Antidilutive
2
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR NINE MONTHS ENDED MARCH 31, 1997 AND 1996
EXHIBIT 11
(In millions except per share amounts)
1997 1996
----- ------
PRIMARY:
Weighted average shares outstanding 74 51
Additional shares assuming
exercise of stock options 1 --
----- ------
Average shares outstanding as adjusted 75 51
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Net income (loss) $ 552 $ (6)
Preferred dividends series C -- (60)
Preferred dividends series B (6) (6)
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Net income (loss) available to primary common shares 546 (72)
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Primary earnings (loss) per common share $7.30 $(1.39)
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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 3
Conversion of 3.23% convertible subordinated notes -- 10
Exercise of stock options 1 --
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Average shares outstanding as adjusted 77 81
===== ======
Net income (loss) $ 552 $ (6)
Interest on 3.23% convertible subordinated
notes net of taxes -- 21
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock (4) (3)
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Net income (losss) available to fully diluted common shares $ 548 $ 12
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Fully diluted earnings (loss) per common share $7.09 $(0.15)*
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* Antidilutive