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AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME PER COMMON SHARE
(in thousands except per share amount) Exhibit 11.1
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ------------------------
1996 1995 1996 1995
------------ ------------ ---------- -----------
Primary Earnings Per Share:
Computation for Statements of Income:
Income (loss) before extraordinary items. $ (45,707) $ 22,699 $ (2,458) $ 48,782
Adjustment for interest on debt reduction,
net of taxes. . . . . . . . . . . . . . - 473 - 473
----------- ----------- ----------- -----------
Income (loss) before extraordinary item
as adjusted . . . . . . . . . . . . . . (45,707) 23,172 (2,458) 49,255
Extraordinary items . . . . . . . . . . . - (984) (1,105) (984)
----------- ----------- ----------- -----------
Net income (loss) applicable to common
stock . . . . . . . . . . . . . . . . . $ (45,707) $ 22,188 $ (3,563) $ 48,271
=========== =========== =========== ===========
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . 44,380,574 45,166,810 45,065,247 45,166,481
Assumed exercise of stock options and
warrants (a). . . . . . . . . . . . . . - 3,561,583 - 1,187,194
----------- ----------- ----------- -----------
Weighted average number of common shares
outstanding as adjusted . . . . . . . . 44,380,574 48,728,393 45,065,247 46,353,675
=========== =========== =========== ===========
Primary earnings per common share:
Income (loss) before extraordinary items. $ (1.03) $ 0.48 $ (0.05) $ 1.06
Extraordinary item. . . . . . . . . . . . - (0.02) (0.03) (0.02)
----------- ----------- ----------- -----------
Net income (loss) . . . . . . . . . . . . $ (1.03) $ 0.46 $ (0.08) $ 1.04
=========== =========== =========== ===========
Income (loss) before extraordinary items. $ (45,707) $ (2,458)
Adjustment for interest on debt reduction,
net of taxes. . . . . . . . . . . . . . 176 176
----------- -----------
Income (loss) before extraordinary item
as adjusted . . . . . . . . . . . . . . (45,531) (2,282)
Extraordinary item. . . . . . . . . . . . - (1,105)
----------- -----------
Net income (loss) applicable to common
stock . . . . . . . . . . . . . . . . . $ (45,531) $ (3,387)
=========== ===========
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . 44,380,574 45,065,247
Assumed exercise of stock options and
warrants. . . . . . . . . . . . . . . . 1,737,504 3,287,773
----------- -----------
Weighted average number of common shares
outstanding as adjusted . . . . . . . . 46,118,078 48,353,020
=========== ===========
Primary earnings per common share:
Income (loss) before extraordinary item . $ (0.99) $ (0.05)
Extraordinary item. . . . . . . . . . . . - (0.02)
----------- -----------
Net income (loss) (b) . . . . . . . . . . $ (0.99) $ (0.07)
=========== ===========
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AMERICA WEST AIRLINES, INC.
COMPUTATION OF NET INCOME PER COMMON SHARE
(in thousands except per share amount) Exhibit 11.1
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ------------------------
1996 1995 1996 1995
------------ ----------- ----------- -----------
Fully Diluted Earnings Per Share:
Computation for Statements of Operations:
Income (loss) before extraordinary items. $ (45,707) $ 22,699 $ (2,458) $ 48,782
Adjustment for interest on debt reduction,
net of taxes. . . . . . . . . . . . . . - 220 - 1,896
----------- ----------- ----------- -----------
Income (loss) before extraordinary item
as adjusted . . . . . . . . . . . . . (45,707) 22,919 (2,458) 50,678
Extraordinary item. . . . . . . . . . . . - (984) (1,105) (984)
----------- ----------- ----------- -----------
Net income (loss) applicable to common
stock . . . . . . . . . . . . . . . . . $ (45,707) $ 21,935 $ (3,563) $ 49,694
=========== =========== =========== ===========
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . 44,380,574 45,166,810 45,065,247 46,353,675
Assumed exercise of stock options and
warrants (a). . . . . . . . . . . . . . - 3,561,583 - 1,901,967
----------- ----------- ----------- -----------
Weighted average number of common shares
outstanding as adjusted . . . . . . . . 44,380,574 48,728,393 45,065,247 48,255,642
=========== =========== =========== ===========
Fully diluted earnings per common share:
Income (loss) before extraordinary item . $ (1.03) $ 0.47 $ (0.05) $ 1.05
Extraordinary item. . . . . . . . . . . . - (0.02) (0.03) (0.02)
----------- ----------- ----------- -----------
Net income (loss) . . . . . . . . . . . . $ (1.03) $ 0.45 $ (0.08) $ 1.03
=========== =========== =========== ===========
Income (loss) before extraordinary items. $ (45,707) $ (2,458)
Adjustment for interest on debt
reduction, net of taxes.. . . . . . . . 837 837
----------- -----------
Income (loss) before extraordinary item
as adjusted . . . . . . . . . . . . . . (44,870) (1,621)
Extraordinary item. . . . . . . . . . . . - (1,105)
----------- -----------
Net income (loss) applicable to common
stock . . . . . . . . . . . . . . . . . $ (44,870) $ (2,726)
=========== ===========
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . 44,380,574 45,065,247
Assumed exercise of stock options and
warrants. . . . . . . . . . . . . . . . 1,737,504 3,700,083
----------- -----------
Weighted average number of common shares
outstanding as adjusted . . . . . . . . 46,118,078 48,765,330
=========== ===========
Fully diluted earnings per common share:
Income (loss) before extraordinary item . $ (0.97) $ (0.03)
Extraordinary item. . . . . . . . . . . . - (0.02)
----------- -----------
Net income (loss) (b) . . . . . . . . . . $ (0.97) $ (0.05)
=========== ===========
(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 it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an antidilutive result.
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