CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months
Ended April 30,
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1996 1995
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Average shares outstanding 185,337 179,431
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 11,399 12,940
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Total 196,736 192,371
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Net Income $48,250 $36,046
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Net income per common share $0.245 $0.187
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FULLY DILUTED
Average shares outstanding 185,337 179,431
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 11,722 13,744
Net effect of zero coupon convertible
notes - based on the if converted method 2,268 2,660
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Total 199,327 195,835
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Net Income $48,250 $36,046
Zero Coupon Convertible Notes 249 263
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$48,499 $36,309
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Net income per common share $0.243 $0.185
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