1 EXHIBIT 11 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (In millions, except per share amounts) 1997 1996 ---- ---- PRIMARY: Weighted average shares outstanding 74 76 Additional shares assuming exercise of stock options 1 -- ----- ----- Average shares outstanding as adjusted 75 76 ===== ===== Net income $ 254 $ 238 Preferred series B dividends (2) (2) ----- ----- Net income available to primary common shares $ 252 $ 236 ===== ===== Primary income per common share $3.34 $3.09 ===== ===== FULLY DILUTED: Weighted average shares outstanding 74 76 Additional shares assuming: Conversion of series C convertible preferred stock -- 1 Conversion of series B ESOP convertible preferred stock 2 2 Exercise of stock options 1 -- ----- ----- Average shares outstanding as adjusted 77 79 ===== ===== Net income $ 254 $ 238 Additional required ESOP contribution assuming conversion of series B ESOP convertible preferred stock, net of tax (2) (1) ----- ----- Net income available to fully diluted common shares $ 252 $ 237 ===== ===== Fully diluted income per common share $3.26 $2.98 ===== =====