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EXHIBIT 11
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR FISCAL YEARS ENDED JUNE 30, 1997,
1996 AND 1995 (In millions, except
per share amounts)
1997 1996 1995
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PRIMARY:
Weighted average shares outstanding 74 52 51
Additional shares assuming
exercise of stock options 1 - -
---------------- ---------------- ----------------
Average shares outstanding as adjusted 75 52 51
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Income before cumulative effect of
accounting change $ 854 $ 156 294
Preferred dividends series C - (74) (80)
Preferred dividends series B (9) (8) (8)
---------------- ---------------- ----------------
Income before cumulative effect of
accounting change available to primary shares 845 74 206
Cumulative effect of accounting change - - 114
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Net income available to primary shares $ 845 $ 74 320
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Primary income per common share before
cumulative effect of accounting change $ 11.30 $ 1.42 4.07
Cumulative effect of accounting change - - 2.25
---------------- ---------------- ----------------
Primary income per common share $ 11.30 $ 1.42 6.32
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FULLY DILUTED:
Weighted average shares outstanding 74 52 51
Additional shares assuming:
Conversion of series C convertible preferred stock - 17 17
Conversion of series B ESOP convertible
preferred stock 2 2 2
Conversion of 3.23% convertible subordinated notes - 9 10
Exercise of stock options 1 - -
---------------- ---------------- ----------------
Average shares outstanding as adjusted 77 80 80
================ ================ ================
Income before cumulative effect of
accounting change $ 854 $ 156 294
Interest on 3.23% convertible subordinated
notes, net of tax - 26 32
Additional required ESOP contribution
assuming conversion of series
B ESOP convertible preferred stock, net of ta (5) x (4) (5)
---------------- ---------------- ----------------
Income before cumulative effect of
accounting change available to fully
diluted shares 849 178 321
Cumulative effect of accounting change - - 114
---------------- ---------------- ----------------
Net income available to fully
diluted common shares $ 849 $ 178 435
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Fully diluted income per common share
before cumulative effect of accounting change $ 11.01 $ 2.21* 4.01
Cumulative effect of accounting change - - 1.42
---------------- ---------------- ----------------
Fully diluted income per common share $ 11.01 $ 2.21* 5.43
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*Antidilutive