SERVICE CORPORATION INTERNATIONAL Exhibit 11.1
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
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(Thousands, except per share amounts)
Primary:
Income before extraordinary
loss.......................... $ 72,724 $ 57,395 $282,672 $191,542
Extraordinary loss on
early extinguishment
of debt (net of tax).......... - - (40,802) -
-------- -------- -------- --------
$ 72,724 $ 57,395 $241,870 $191,542
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Average number of common share
outstanding................... 251,664 235,622 243,381 235,273
Common stock equivalents
applicable to options
outstanding resulting from
application of the
"treasury stock method" using
average stock price........... 7,306 6,253 7,261 5,570
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Average shares used in
primary earnings per share.... 258,970 241,875 250,642 240,843
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Primary Earnings Per Common Share:
Income before
extraordinary loss........... $ .28 $ .24 $ 1.14 $ .80
Extraordinary loss on
early extinguishment
of debt (net of tax)......... - - (.17) -
------- -------- -------- --------
Net income.................. $ .28 $ .24 $ .97 $ .80
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Fully diluted:
Income before extraordinary
loss.......................... $72,724 $ 57,395 $282,672 $191,542
Add after tax interest expense
applicable to
convertible debentures........ 348 2,007 4,264 5,892
------- -------- -------- --------
Income as adjusted............. 73,072 59,402 286,936 197,434
Extraordinary loss on early
extinguishment
of debt (net of tax).......... - - (40,802) -
------- -------- -------- --------
$73,072 $ 59,402 $246,134 $197,434
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Average number of common
share outstanding............ 251,664 235,622 243,381 235,273
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)....... 7,306 6,625 7,261 6,031
Assuming conversion of
convertible debentures........ 2,120 13,676 9,273 13,662
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Average shares used in fully
diluted earnings per share.... 261,090 255,923 259,915 254,966
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Fully Diluted Earnings Per
Common Share:
Income before extraordinary
loss........................ $ .28 $ .23 $ 1.11 $ .77
Extraordinary loss on early
extinguishment
of debt (net of tax)........ - - (.16) -
------- ------- ------- -------
Net income.................. $ .28 $ .23 $ .95 $ .77
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