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
===== =====