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EXHIBIT 11.1
AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
REORGANIZED PREDECESSOR COMPANY
COMPANY -------------------------------------------------------------------
------------
PERIOD FROM
PERIOD FROM JANUARY 1
AUGUST 26 TO TO YEARS ENDED DECEMBER 31,
DECEMBER 31 AUGUST 25 -----------------------------------------------------
1994 1994 1993 1992 1991 1990
------------ ----------- ----------- ----------- ----------- -----------
Primary Earnings Per Share
Computation for Statements of
Operations:
Income (loss) before extraordinary
item............................... $ 7,846 $ (203,268 ) $ 37,165 $ (131,761) $ (222,016) $ (76,695)
Adjustment for interest on debt
reduction.......................... -- 2,584 4,210 -- -- --
Preferred stock dividend
requirement........................ -- -- -- (1,672) (1,673) (1,673)
------------ ----------- ----------- ----------- ----------- -----------
Income (loss) applicable to common
stock before extraordinary item.... 7,846 (200,684 ) 41,375 (133,433) (223,689) (78,368)
Extraordinary item, tax benefit...... -- -- -- -- -- --
Extraordinary item, net.............. -- 257,660 -- -- -- 2,024
------------ ----------- ----------- ----------- ----------- -----------
Income (loss) applicable to common
stock.............................. $ 7,846 $ 56,976 $ 41,375 $ (133,433) $ (223,689) $ (76,344)
=========== =========== ========== ========== ========== ==========
Weighted average number of common
shares outstanding................... 45,126,899 25,470,671 24,480,487 23,914,298 21,533,992 18,395,970
Assumed exercise of stock options and
warrants(a).......................... -- 3,079,258 3,044,504 -- -- --
------------ ----------- ----------- ----------- ----------- -----------
Weighted average number of common
shares outstanding as adjusted....... 45,126,899 28,549,929 27,524,991 23,914,298 21,533,992 18,395,970
=========== =========== ========== ========== ========== ==========
Primary earnings per common share:
Income (loss) before extraordinary
item................................. $ 0.17 $ (7.03 ) $ 1.50 $ (5.58) $ (10.39) $ (4.26)
Extraordinary item..................... -- 9.02 -- -- -- 0.11
------------ ----------- ----------- ----------- ----------- -----------
Net income (loss)...................... $ 0.17 $ 1.99 $ 1.50 $ (5.58) $ (10.39) $ (4.15)
=========== =========== ========== ========== ========== ==========
Income (loss) before extraordinary
item................................. $ 7,846 $ (131,761) $ (222,016) $ (76,695)
Preferred stock dividend requirement... -- (1,672) (1,673) (1,673)
Interest adjustment net of taxes....... 870 4,964 4,408 2,818
------------ ----------- ----------- -----------
Income (loss) applicable to common
stock before extraordinary item...... 8,716 (128,469) (219,281) (75,550)
Extraordinary item, tax benefit........ -- 2,756 2,448 1,490
Extraordinary item, net................ -- -- -- 2,024
------------ ----------- ----------- -----------
Income (loss) applicable to common
stock................................ $ 8,716 $ (125,713) $ (216,833) $ (72,036)
=========== ========== ========== ==========
Weighted average number of common shares
outstanding............................ 45,126,899 23,914,298 21,533,992 18,395,970
Assumes exercise of stock options and
warrants............................. 2,011,352 7,383,922 6,704,746 4,922,120
------------ ----------- ----------- -----------
Weighted average number of common
shares as adjusted................... 47,138,251 31,298,220 28,238,738 23,318,090
=========== ========== ========== ==========
Primary earnings per common share:
Income (loss) before extraordinary
item................................. $ 0.18 $ (4.10) $ (7.77) $ (3.24)
Extraordinary item..................... -- 0.09 0.09 0.15
------------ ----------- ----------- -----------
Net income (loss)(c)................... $ 0.18 $ (4.01) $ (7.68) $ (3.09)
=========== ========== ========== ==========
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EXHIBIT 11.1
AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
REORGANIZED PREDECESSOR COMPANY
COMPANY -------------------------------------------------------------------
------------
PERIOD FROM
PERIOD FROM JANUARY 1
AUGUST 26 TO TO YEARS ENDED DECEMBER 31,
DECEMBER 31 AUGUST 25 -----------------------------------------------------
1994 1994 1993 1992 1991 1990
------------ ----------- ----------- ----------- ----------- -----------
Fully Diluted Earnings Per Share
Computation for Statements of
Operations:
Income (loss) before extraordinary
items............................... $ 7,846 $ (203,268 ) $ 37,165 $ (131,761) $ (222,016) $ (76,695)
Adjustment for interest on debt
reduction........................... 870 2,520 5,812 -- -- --
Preferred stock dividend
requirement......................... -- -- -- (1,672) (1,673) (1,673)
----------- ----------- ----------- ----------- ----------- -----------
Income (loss) applicable to common
stock before extraordinary items.... 8,716 (200,748 ) 42,977 (133,433) (223,689) (78,368)
Extraordinary items, tax benefit...... -- -- -- -- -- 2,024
Extraordinary items................... -- 257,660 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net income (loss)..................... $ 8,716 $ 56,912 $ 42,977 $ (133,433) $ (223,689) $ (76,344)
========== =========== ========== ========== ========== ==========
Weighted average number of common
shares outstanding.................. 45,126,899 25,470,671 24,480,487 23,914,298 21,533,992 18,395,970
Assumed exercise of stock options and
warrants(a)......................... 2,011,352 3,079,258 4,240,761 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Weighted average number of common
shares outstanding as adjusted...... 47,138,251 28,549,929 28,721,248 23,914,298 21,533,992 18,395,970
========== =========== ========== ========== ========== ==========
Fully diluted income (loss) per common
share:
Income (loss) before extraordinary
items............................... $ 0.18 $ (7.03 ) $ 1.50 $ (5.58) $ (10.39) $ (4.26)
Extraordinary items................... -- 9.02 -- -- -- 0.11
----------- ----------- ----------- ----------- ----------- -----------
Net income (loss)(b).................. $ 0.18 $ 1.99 $ 1.50 $ (5.58) $ (10.39) $ (4.15)
========== =========== ========== ========== ========== ==========
Additional Fully Diluted Computation:
Additional adjustment to net income
(loss) as adjusted per fully diluted
computation above
Income (loss) before extraordinary
items as adjusted per fully diluted
computation above................... $ 7,846 $ (203,268 ) $ 37,165 $ (131,761) $ (222,016) $ (76,695)
Add -- Interest on 7.75% subordinated
debenture, net of taxes............. -- -- -- -- 869 1,829
Add -- Interest on 7.5% subordinated
debenture, net of taxes............. -- -- -- -- 806 1,712
Add -- Interest on 11.5% subordinated
debentures, net of taxes............ -- -- -- -- 3,506 7,629
Add interest on debt reduction, net of
taxes............................... 870 2,520 5,812 4,964 4,352 2,777
----------- ----------- ----------- ----------- ----------- -----------
Income (loss) before extraordinary
items as adjusted................... 8,716 (200,748 ) 42,977 (126,797) (212,483) (62,748)
Extraordinary items................... -- 257,660 -- 2,756 5,293 9,399
----------- ----------- ----------- ----------- ----------- -----------
Net income (loss)..................... $ 8,716 $ 56,912 $ 42,977 $ (124,041) $ (207,190) $ (53,349)
========== =========== ========== ========== ========== ==========
Additional adjustment to weighted average
number of shares outstanding
Weighted average number of shares
outstanding as adjusted per fully
diluted computation above............... 47,138,251 28,549,929 28,721,248 23,914,298 21,533,992 18,395,970
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EXHIBIT 11.1
AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME (LOSS) PER SHARE -- (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
REORGANIZED PREDECESSOR COMPANY
COMPANY -------------------------------------------------------------------
------------
PERIOD FROM
PERIOD FROM JANUARY 1
AUGUST 26 TO TO YEARS ENDED DECEMBER 31,
DECEMBER 31 AUGUST 25 -----------------------------------------------------
1994 1994 1993 1992 1991 1990
------------ ----------- ----------- ----------- ----------- -----------
Additional dilutive effect of
outstanding options and warrants...... -- -- -- 7,383,922 6,704,746 5,266,266
Additional dilutive effect of assumed
conversion of preferred stock:
Series A 9.75%........................ -- -- -- -- -- --
Series B 10.5%........................ -- -- 851,294 1,164,596 1,164,596 1,164,596
Series C 9.75%........................ -- 73,099 73,099 73,099 73,099 73,099
Additional dilutive effect of assumed
conversion of 7.75% subordinated
debenture............................. -- 2,257,558 2,263,007 2,278,151 2,483,528 2,735,200
Additional dilutive effect of assumed
conversion of 7.5% subordinated
debenture............................. -- 2,264,932.. 2,272,548 2,291,607 2,347,604 2,551,060
Additional dilutive effect of assumed
conversion of 11.5% subordinated
debenture............................. -- 7,306,865 7,328,201 7,486,391 9,081,162 9,866,509
----------- ----------- ----------- ----------- ----------- -----------
Weighted average number of common shares
outstanding as adjusted............... 47,138,251 40,452,383 41,509,397 44,592,064 43,388,727 40,052,700
========== =========== ========== ========== ========== ==========
Fully diluted income (loss) per common
share:
Income (loss) before extraordinary
items................................. $ 0.18 $ (4.96) $ 1.04 $ (2.84) $ (4.90) $ (1.57)
Extraordinary items..................... -- 6.37 -- 0.06 0.12 0.23
----------- ----------- ----------- ----------- ----------- -----------
Net income (loss)(c).................... $ 0.18 $ 1.41 $ 1.04 $ (2.78) $ (4.78) $ (1.34)
========== =========== ========== ========== ========== ==========
- ---------------
(a) The stock options and warrants are included only in the periods in which
they are dilutive.
(b) The calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
(c) The calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an antidilutive result.
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