Hilton Hotels 10-K 2004 FY Annual report

EXHIBIT 11
HILTON HOTELS CORPORATION AND SUBSIDIARIES
Computation of Per Share Earnings
	2002		2003	2004
Basic
Net income (in millions)	$	198	164	238
Weighted average common shares	373,992,000		377,941,000	384,362,000
Basic earnings per common share	$	.53	.43	.62
Diluted
Income (in millions)
Net income	$	198	164	238
Add after tax interest applicable to convertible notes	16		14	12
Net income, as adjusted	$	214	178	250
Shares
Weighted average common shares—basic	373,992,000		377,941,000	384,362,000
Assuming conversion of convertible notes	22,556,000		26,375,000	25,556,000
Dilutive effect of assumed option exercises (as determined by the application of the treasury stock method)	4,116,000		5,961,000	8,024,000
Common and common equivalent shares as adjusted	400,664,000		410,277,000	417,942,000
Diluted earnings per common share	$	.53	.43	.60