<PAGE>
<TABLE>
EXHIBIT 11
TRANS WORLD AIRLINES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
<CAPTION>
Three Months Ended
June 30,
--------------------------
2000 1999
-------- --------
<S> <C> <C>
EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEMS <Fb>:
Net loss $ (4,225) $ (6,209)
Extraordinary items - (866)
-------- --------
Loss before extraordinary items (4,225) (5,343)
Preferred stock dividend requirements <Fc> (1,632) (5,863)
-------- --------
Loss before extraordinary items applicable to common for
basic earnings per share calculation (5,857) (11,206)
Average number of shares of common stock <Fa> 76,872 66,092
-------- --------
Loss per share $ (0.08) $ (0.17)
======== ========
EARNINGS PER SHARE FROM EXTRAORDINARY ITEMS <Fb>:
Extraordinary items $ - $ 866
Average number of shares of common stock <Fa> 76,872 66,092
-------- --------
Loss per share $ - $ (0.01)
======== ========
EARNINGS PER SHARE FROM NET LOSS <Fb>:
Net loss $ (4,225) $ (6,209)
Preferred stock dividend requirements <Fc> (1,632) (5,863)
-------- --------
Loss applicable to common shares for basic earnings per
share calculation (5,857) (12,072)
Average number of shares of common stock <Fa> 76,872 66,092
-------- --------
Loss per share $ (0.08) $ (0.18)
======== ========
<FN>
----------
<Fa> Includes 6,557 and 7,623 shares of Employee Preferred Stock for
the quarter ended June 30, 2000 and 1999, respectively, which,
except for a liquidation preference of $.01 per share and the
right to elect a certain number of directors to the Board of
Directors, is the functional equivalent of Common Stock.
<Fb> As the effects of including the incremental shares associated with
options and warrants and the assumed conversion of the 8% and the
9 1/4% Preferred Stock are antidilutive, diluted earnings per
share are equal to basic earnings per share and are not presented
in the accompanying condensed statements of consolidated
operations for the second quarter of 2000 and 1999.
<Fc> Preferred stock dividend requirements for the three months ended
June 30, 2000 reflect the reversals of first quarter 2000 dividend
requirements of $1.9 million as a result of the conversion of
preferred stock into common stock during the second quarter of
2000.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
EXHIBIT 11
TRANS WORLD AIRLINES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
<CAPTION>
Six Months Ended
June 30,
---------------------------
2000 1999
--------- ---------
<S> <C> <C>
EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEMS AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGE <Fb>:
Net loss $ (80,348) $ (27,767)
Extraordinary items - (866)
Cumulative effect of accounting change (12,844) -
--------- ---------
Loss before extraordinary items and cumulative effect of
accounting change (67,504) (26,901)
Preferred stock dividend requirements <Fc> (7,048) (11,726)
--------- ---------
Loss before extraordinary items and cumulative effect of
accounting change applicable to common for basic
earnings per share calculation (74,552) (38,627)
Average number of shares of common stock <Fa> 73,602 65,861
--------- ---------
Loss per share $ (1.01) $ (0.59)
========= =========
EARNINGS PER SHARE FROM EXTRAORDINARY ITEMS <Fb>:
Extraordinary items $ - $ (866)
Average number of shares of common stock <Fa> 73,602 65,861
--------- ---------
Loss per share $ - $ (0.01)
========= =========
EARNINGS PER SHARE FROM CUMULATIVE EFFECT OF ACCOUNTING
CHANGE <Fb>:
Cumulative effect of accounting change $ (12,844) $ -
Average number of shares of common stock <Fa> 73,602 65,861
--------- ---------
Loss per share $ (0.18) $ -
========= =========
EARNINGS PER SHARE FROM NET LOSS <Fb>:
Net loss $ (80,348) $ (27,767)
Preferred stock dividend requirements <Fc> (7,048) (11,726)
--------- ---------
Loss applicable to common shares for basic earnings per
share calculation (87,396) (39,493)
Average number of shares of common stock <Fa> 73,602 65,861
--------- ---------
Loss per share $ (1.19) $ (0.60)
========= =========
<FN>
----------
<Fa> Includes 6,622 and 7,631 shares of Employee Preferred Stock for
the six months ended June 30, 2000 and 1999, respectively, which,
except for a liquidation preference of $.01 per share and the
right to elect a certain number of directors to the Board of
Directors, is the functional equivalent of Common Stock.
<Fb> As the effects of including the incremental shares associated with
options and warrants and the assumed conversion of the 8% and the
9 1/4% Preferred Stock are antidilutive, diluted earnings per
share are equal to basic earnings per share and are not presented
in the accompanying condensed statements of consolidated
operations for the six months ended June 30, 2000 and 1999.
<Fc> Preferred stock dividend requirements for the six months ended
June 30, 2000 reflect the reversals of first quarter 2000 dividend
requirements of $1.9 million as a result of the conversion of
preferred stock into common stock during the second quarter of
2000.
</TABLE>
