SERVICE CORPORATION INTERNATIONAL Exhibit 11.1
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
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(Thousands, except per share amounts)
Primary:
Income before extraordinary loss.... $78,801 $62,250 $209,948 $134,147
Extraordinary loss on early
extinguishment
of debt (net of tax).............. - - (40,802) -
------- ------- -------- --------
$78,801 $62,250 $169,146 $134,147
======= ======= ======== ========
Average number of common shares
oustanding........................ 241,081 235,304 239,240 235,099
Common stock equivalents
applicable to options
outstanding resulting from
application of the
"treasury stock method" using
average stock price............... 7,481 5,808 7,238 5,195
Average shares used in primary
earnings per share................ 248,562 241,112 246,478 240,294
Primary Earnings Per Common Share:
Income before extraordinary loss.. $ .32 $ .26 $ .86 $ .56
Extraordinary loss on early
extinguishment of debt
(net of tax)...................... - - (.17) -
------- ------- -------- --------
Net income........................ $ .32 $ .26 $ .69 $ .56
======= ======= ======== ========
Fully diluted:
Income before extraordinary loss.... $78,801 $62,250 $209,948 $134,147
Add after tax interest expense
applicable to
convertible debentures............ 1,838 1,953 3,916 3,894
------- ------- -------- --------
Income as adjusted.................. 80,639 64,203 213,864 138,041
Extraordinary loss on early
extinguishment
of debt (net of tax).............. - - (40,802) -
------- ------- -------- --------
$80,639 $64,203 $173,062 $138,041
======= ======= ======== ========
Average number of common shares
oustanding........................ 241,081 235,304 239,240 235,098
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)...................... 7,481 6,323 7,238 5,734
Assuming conversion of
convertible debentures........... 11,801 13,681 12,850 13,675
------- ------- ------- -------
Average shares used in fully
diluted earnings per share....... 260,363 255,308 259,328 254,507
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Fully Diluted Earnings Per
Common Share:
Income before extraordinary loss. $ .31 $ .25 $ .83 $ .54
Extraordinary loss on early
extinguishment
of debt (net of tax)............. - - (.16) -
------- ------- ------- -------
Net income....................... $ .31 $ .25 $ .67 $ .54
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(All 1996 common stock and per share data has been restated for a two-for-one
common stock split on August 30, 1996)