CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months
Ended July 31,
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1996 1995
PRIMARY ---------- --------
Average shares outstanding 242,505 233,052
Net effect of dilutive stock
options - based on the treasury
stock method using average
market price 14,301 15,712
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Total 256,806 248,764
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Net Income $35,308 $44,302
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Net income per common share $0.137 $0.178
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FULLY DILUTED
Average shares outstanding 242,505 233,052
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 14,302 17,108
Net effect of zero coupon
convertible notes - based on
the if converted method 2,896 5,372
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Total 259,703 255,532
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Net Income $35,308 $44,302
Zero Coupon Convertible Notes 522 599
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$35,830 $44,901
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Net income per common share $0.138 $0.176
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CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Six Months
Ended July 31,
------- ---------
1996 1995
PRIMARY ---------- ---------
Average shares outstanding 241,224 232,285
Net effect of dilutive stock
options - based on the treasury
stock method using average
market price 13,860 15,255
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Total 255,084 247,540
===== =====
Net Income $82,293 $82,305
===== =====
Net income per common share $0.323 $0.332
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FULLY DILUTED
Average shares outstanding 241,224 232,285
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 14,086 16,506
Net effect of zero coupon convertible
notes - based on the if converted
method 3,631 5,770
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Total 258,941 254,561
===== =====
Net Income $82,293 $82,305
Zero Coupon Convertible Notes 991 1,320
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$83,284 $83,625
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Net income per common share $0.322 $0.329
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