CUC INTERNATIONAL INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED) (In thousands, except per share amounts) Three Months Ended July 31, --------------------- 1997 1996 --------------------- PRIMARY Average shares outstanding 409,500 388,582 Net effect of dilutive stock options and restricted stock - based on the treasury stock method using average market price 11,009 13,286 Assumed conversion of 3% convertible notes 17,959 --------- ---------- Total 438,468 401,868 ===== ===== Net income $92,310 $40,461 Interest expense on 3% convertible notes, net of tax benefit 2,551 --------- --------- $94,861 $40,461 ===== ===== Net income per common share $0.216 $0.101 ===== ===== FULLY DILUTED Average shares outstanding 409,500 388,582 Net effect of dilutive stock options and restricted stock - based on the treasury stock method using the period-end market price, if higher than the average market price 11,115 13,288 Assumed conversion of convertible notes 20,626 4,344 --------- ---------- Total 441,241 406,214 ===== ===== Net income $92,310 $40,461 Interest expense on convertible notes, net of tax benefit 2,758 522 --------- --------- $95,068 $40,983 ===== ===== Net income per common share $0.215 $0.101 ===== ===== CUC INTERNATIONAL INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED) (In thousands, except per share amounts) Six Months Ended July 31, --------------------- 1997 1996 --------------------- PRIMARY Average shares outstanding 408,473 385,832 Net effect of dilutive stock options and restricted stock - based on the treasury stock method using average market price 11,302 13,435 Assumed conversion of 3% convertible notes 16,462 --------- ---------- Total 436,237 399,267 ===== ===== Net income $162,783 $92,582 Interest expense on 3% convertible notes, net of tax benefit 4,797 --------- ---------- $167,580 $92,582 ===== ===== Net income per common share $0.384 $0.232 ===== ===== FULLY DILUTED Average shares outstanding 408,473 385,832 Net effect of dilutive stock options and restricted stock - based on the treasury stock method using the period-end market price, if higher than the average market price 11,354 13,775 Assumed conversion of convertible notes 19,339 5,447 --------- ---------- Total 439,166 405,054 ===== ===== Net income $162,783 $92,582 Interest expense on convertible notes, net of tax benefit 5,245 991 --------- ---------- $168,028 $93,573 ===== ===== Net income per common share $0.383 $0.231 ===== =====