<PAGE>
 
                                                                      EXHIBIT 11
                                                                          1 OF 2


                              WORLD AIRWAYS, INC.
               CALCULATIONS OF EARNINGS (LOSS) PER COMMON SHARE
                   FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                       (IN THOUSANDS EXCEPT SHARE DATA)
                                  (UNAUDITED)

<TABLE> 
<CAPTION>
                                                             1996                   1995       
                                                          -----------           ------------   
<S>                                                       <C>                   <C>            
                                                                                               
Earnings from continuing operations                                                            
  applicable to common stock                              $     2,909           $     4,498    
                                                                                               
Discontinued operations                                           180                (1,139)   
                                                          -----------           -----------    
                                                                                               
Net earnings applicable to common stock                   $     3,089           $     3,359    
                                                          ===========           ===========    
                                                                                               
                                                                                               
                                                                                               
Weighted average common shares outstanding                 12,000,064            10,000,064    
                                                                                               
Weighted average options and warrants treated                                                  
  as common stock equivalents                                      --               126,390    
                                                          -----------           -----------    
                                                                                               
Primary and fully diluted number of shares                 12,000,064            10,126,454    
                                                          ===========           ===========    
                                                                                               
                                                                                               
EARNINGS (LOSS) PER COMMON EQUIVALENT SHARE:                                                   
  Continuing operations                                   $      0.24           $      0.44    
  Discontinued operations                                        0.02                 (0.11)   
                                                          -----------           -----------    
  Net earnings                                            $      0.26           $      0.33    
                                                          ===========           ===========     
</TABLE>
                         
                                                                      EXHIBIT 11
                                                                          2 OF 2


                              WORLD AIRWAYS, INC.
               CALCULATIONS OF EARNINGS (LOSS) PER COMMON SHARE
                    FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                       (IN THOUSANDS EXCEPT SHARE DATA)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                               1996                      1995                        
                                                           ------------              ------------                    
<S>                                                        <C>                       <C>                             
                                                                                                                     
Earnings from continuing operations                                                                                  
  applicable to common stock                               $    13,681               $    12,747                     
                                                                                                                     
Discontinued operations                                        (32,525)                   (2,254)                    
                                                           -----------               -----------                     
                                                                                                                     
Net earnings (loss) applicable to common stock             $   (18,844)              $    10,493                     
                                                           ===========               ===========                     
                                                                                                                     
                                                                                                                     
                                                                                                                     
Weighted average common shares outstanding                  12,000,064                10,000,064                     
                                                                                                                     
Weighted average options and warrants treated                                                                        
  as common stock equivalents                                       --                   126,390                     
                                                           -----------               -----------                     
                                                                                                                     
Primary and fully diluted number of shares                  12,000,064                10,126,454                     
                                                           ===========               ===========                     
                                                                                                                     
                                                                                                                     
EARNINGS (LOSS) PER COMMON EQUIVALENT SHARE:                                                                         
                                                                                                                     
  Continuing operations                                    $      1.14               $      1.26                     
  Discontinued operations                                        (2.71)                    (0.22)                    
                                                                ------                    ------                    
  Net earnings (loss)                                      $     (1.57)              $      1.04                     
                                                                ======                    ======                     
</TABLE>

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