CUC INTERNATIONAL INC. AND
SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended
October 31,
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1996 1995
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PRIMARY
Average shares outstanding 393,893 376,284
Net effect of dilutive stock options
- based on the treasury stock method
using average market price 13,139 19,085
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Total 407,032 395,369
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Net Income (Loss) ($18,009) $43,399
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Net income (loss)
per common share ($0.044) $0.110
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FULLY DILUTED
Average shares outstanding 393,893 376,284
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 13,155 19,891
Net effect of zero coupon convertible
notes - based on the if converted
method 3,147 7,890
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Total 410,195 404,065
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Net Income (Loss) ($18,009) $43,399
Zero Coupon Convertible Notes and
Convertible Debt 452 525
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($17,557) $43,924
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Net income (loss)
per common share ($0.043) $0.109
======== ======
CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Nine Months Ended
October 31,
----------- -----------
1996 1995
PRIMARY ----------- -----------
Average shares outstanding 388,519 374,235
Net effect of dilutive stock options
- based on the treasury stock method
using average market price 13,335 17,055
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Total 401,854 391,290
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Net Income $74,573 $79,335
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Net income per common share $0.186 $0.203
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FULLY DILUTED
Average shares outstanding 388,519 374,235
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 13,568 18,575
Net effect of zero coupon convertible
notes - based on the if converted
method 4,680 8,400
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Total 406,767 401,210
===== =====
Net Income $74,573 $79,335
Zero Coupon Convertible Notes and
Convertible Debt 1,443 1,845
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$76,016 $81,180
======= =======
Net income per common share $0.187 $0.202
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