Hilton Hotels 10-K 2002 FY Annual report

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EXHIBIT 11

HILTON HOTELS CORPORATION AND SUBSIDIARIES

Computation of Per Share Earnings

			2000		2001		2002
Basic
	Net income (in millions)		$	272	166		198
	Weighted average common shares			368,429,000	369,026,000		373,992,000
	Basic earnings per common share		$	0.74	0.45		0.53
Diluted
	Income (in millions)
		Net income	$	272	166		198
		Add after tax interest applicable to 5% convertible notes		15	15		16
		Net income, as adjusted	$	287	181		214
	Shares
		Weighted average common shares—basic		368,429,000	369,026,000		373,992,000
		Assuming conversion of 5% convertible notes		22,558,000	22,556,000		22,556,000
		Dilutive effect of assumed option exercises (as determined by the application of the treasury stock method)		646,000	2,308,000		4,116,000
		Common and common equivalent shares as adjusted		391,633,000	393,890,000		400,664,000
	Diluted earnings per common share		$	0.73	0.46	(1)	0.53

(1)

This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although it is contrary to paragraph 13 of Statement of Financial Accounting Standards No. 128 because it produces an anti-dilutive result in the 2001 period.

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EXHIBIT 11

HILTON HOTELS CORPORATION AND SUBSIDIARIES Computation of Per Share Earnings