CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months
Ended October 31,
1995 1994
PRIMARY ------------------
Average shares outstanding 175,051 166,959
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 13,683 10,469
-------- --------
Total 188,734 177,428
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Net Income $40,754 $30,245
===== =====
Net income per common share $0.216 $0.170
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FULLY DILUTED
Average shares outstanding 175,051 166,959
Net effect of dilutive stock options -
based on the treasury stock method
using the period - end market price,
if higher than the average market price 13,975 10,469
Net effect of zero coupon convertible
notes - based on the if converted method 2,342 2,709
------- --------
Total 191,368 180,137
===== =====
Net Income $40,754 $30,245
Zero Coupon Convertible Notes 250 171
-------- --------
$41,004 $30,416
===== =====
Net income per common share $0.214 $0.169
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CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Nine Months
Ended October 31,
1995 1994
PRIMARY ------------------
Average shares outstanding 174,368 166,226
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 12,505 10,174
-------- --------
Total 186,873 176,400
===== =====
Net Income $115,407 $84,809
===== =====
Net income per common share $0.618 $0.481
===== =====
FULLY DILUTED
Average shares outstanding 174,368 166,226
Net effect of dilutive stock options -
based on the treasury stock method
using the period - end market price,
if higher than the average market price 13,238 10,371
Net effect of zero coupon convertible
notes - based on the if converted method 2,485 2,814
-------- --------
Total 190,091 179,411
===== =====
Net Income $115,407 $84,809
Zero Coupon Convertible Notes 766 673
-------- --------
$116,173 $85,482
===== =====
Net income per common share $0.611 $0.476
===== =====