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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1997 1996
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PRIMARY
Average shares outstanding 407,446 376,469
Net effect of dilutive stock options
- based on the treasury stock
method using average market price 11,594 20,196
Assumed conversion of 3% convertible notes 14,966
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Total 434,006 396,665
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Net income $70,473 $52,121
Interest expense on 3%
convertible notes, net of tax benefit 2,246
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$72,719 $52,121
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Net income per common share $0.168 $0.131
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FULLY DILUTED
Average shares outstanding 407,446 376,469
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 11,593 20,874
Assumed conversion of convertible notes 18,052 6,549
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Total 437,091 403,892
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Net income $70,473 $52,121
Interest expense on convertible
notes, net of tax benefit 2,487 469
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$72,960 $52,590
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Net income per common share $0.167 $0.130
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