<PAGE>
EXHIBIT 11
<TABLE>
TRANS WORLD AIRLINES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<CAPTION>
Three Months Ended
September 30,
-----------------------
2000 1999
-------- --------
<S> <C> <C>
EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEMS (b):
Net loss $(34,783) $(53,690)
Extraordinary items - -
-------- --------
Loss before extraordinary items (34,783) (53,690)
Preferred stock dividend requirements (3,515) (5,864)
-------- --------
Loss before extraordinary items applicable to common for basic
earnings per share calculation (38,298) (59,554)
Average number of shares of common stock (a) 78,855 68,497
-------- --------
Loss per share $ (0.49) $ (0.87)
======== ========
EARNINGS PER SHARE FROM EXTRAORDINARY ITEMS (b):
Extraordinary items $ - $ -
Average number of shares of common stock (a) 78,855 68,497
-------- --------
Loss per share $ - $ -
======== ========
EARNINGS PER SHARE FROM NET LOSS (b):
Net loss $(34,783) $(53,690)
Preferred stock dividend requirements (3,515) (5,864)
-------- --------
Loss applicable to common shares for basic earnings per
share calculation (38,298) (59,554)
Average number of shares of common stock (a) 78,855 68,497
-------- --------
Loss per share $ (0.49) $ (0.87)
======== ========
<FN>
------
(a) Includes 6,143 and 7,648 shares of Employee Preferred Stock for
the quarter ended September 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.
(b) 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 third quarter of 2000 and 1999.
</TABLE>
<PAGE>
<PAGE>
EXHIBIT 11
<TABLE>
TRANS WORLD AIRLINES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<CAPTION>
Nine Months Ended
September 30,
------------------------
2000 1999
--------- --------
<S> <C> <C>
EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEMS AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (b):
Net loss $(115,131) $(81,457)
Extraordinary items - (866)
Cumulative effect of accounting change (12,844) -
--------- --------
Loss before extraordinary items and cumulative effect of
accounting change (102,287) (80,591)
Preferred stock dividend requirements (10,563) (17,590)
--------- --------
Loss before extraordinary items and cumulative effect of
accounting change applicable to common for basic earnings
per share calculation (112,850) (98,181)
Average number of shares of common stock (a) 75,202 66,666
--------- --------
Loss per share $ (1.50) $ (1.47)
========= ========
EARNINGS PER SHARE FROM EXTRAORDINARY ITEMS (b):
Extraordinary items $ - $ (866)
Average number of shares of common stock (a) 75,202 66,666
--------- --------
Loss per share $ - $ (0.01)
========= ========
EARNINGS PER SHARE FROM CUMULATIVE EFFECT OF ACCOUNTING CHANGE (b):
Cumulative effect of accounting change $ (12,844) $ -
Average number of shares of common stock (a) 75,202 66,666
--------- --------
Loss per share $ (0.17) $ -
========= ========
EARNINGS PER SHARE FROM NET LOSS (b):
Net loss $(115,131) $(81,457)
Preferred stock dividend requirements (10,563) (17,590)
--------- --------
Loss applicable to common shares for basic earnings per
share calculation (125,694) (99,047)
Average number of shares of common stock (a) 75,202 66,666
--------- --------
Loss per share $ (1.67) $ (1.48)
========= ========
<FN>
------
(a) Includes 6,299 and 7,581 shares of Employee Preferred Stock for
the nine months ended September 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.
(b) 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 nine months ended September 30, 2000 and 1999.
</TABLE>