SERVICE CORPORATION INTERNATIONAL Exhibit 11.1
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
March 31,
1997 1996
- --------------------------------------------------------------------------------
(Thousands, except per share amounts)
Primary:
Income before extraordinary loss.........................$ 131,147 $ 71,897
Extraordinary loss on early extinguishment of
debt (net of tax)....................................... (40,802) -
--------- ---------
$ 90,345 $ 71,897
========= =========
Average number of common shares outstanding.............. 237,399 234,894
Common stock equivalents applicable to options
outstanding resulting from application of the
"treasury stock method" using
average stock price..................................... 6,995 4,582
--------- --------
Average shares used in primary earnings per share........ 244,394 239,476
========= ========
Primary Earnings Per Common Share:
Income before extraordinary loss........................$ .54 $ .30
Extraordinary loss on early extinguishment of
debt (net of tax)...................................... (.17) -
--------- --------
Net income............................................$ .37 $ .30
========= ========
Fully diluted:
Income before extraordinary loss.........................$ 131,147 $ 71,897
Add after tax interest expense applicable to convertible
debentures.............................................. 2,078 1,941
--------- --------
Income as adjusted....................................... 133,225 73,838
Extraordinary loss on early extinguishment of debt
(net of tax)............................................ (40,802) -
--------- --------
$ 92,423 $ 73,838
========= ========
Average number of common shares outstanding.............. 237,399 234,894
Common stock equivalents applicable to options
outstanding resulting from application
of the "treasury stock method" using end of
period stock price (if greater than average
stock price for period)................................. 6,995 5,144
Assuming conversion of convertible debentures............ 13,898 13,668
--------- --------
Average shares used in fully diluted earnings per share.. 258,292 253,706
========= ========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss........................$ .52 $ .29
Extraordinary loss on early extinguishment of debt
(net of tax)........................................... (.16) -
--------- --------
Net income...............................................$ .36 $ .29
========= ========
(All 1996 common stock and per share data has been restated for a two-for-one
common stock split on August 30, 1996)