CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months
Ended October 31,
--------------------------
1997 1996
--------------------------
PRIMARY
Average shares outstanding 425,316 408,096
Net effect of dilutive stock
options and restricted stock -
based on the treasury stock method
using average market price 12,942 13,139
Assumed conversion of 3% convertible notes 17,959
---------- ----------
Total 456,217 421,235
======= =======
Net income (loss) $100,904 $(16,408)
Interest expense on 3% convertible
notes, net of tax benefit 2,553
--------- ----------
$103,457 $(16,408)
======== ========
Net income (loss) per common share $0.227 $(0.039)
===== ======
FULLY DILUTED
Average shares outstanding 425,316 408,096
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 13,704 13,155
Assumed conversion of convertible notes 20,458 3,147
--------- ----------
Total 459,478 424,398
======= =======
Net income (loss) $100,904 $(16,408)
Interest expense on convertible
notes, net of tax benefit 2,785 452
--------- ----------
$103,689 $(15,956)
======== ========
Net income (loss) per common share $0.226 $(0.038)
====== =======
CUC INTERNATIONAL INC. AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Nine Months
Ended October 31,
--------------------------
1997 1996
--------------------------
PRIMARY
Average shares outstanding 423,557 402,722
Net effect of dilutive stock options
and restricted stock - based on
the treasury stock method using
average market price 11,848 13,335
Assumed conversion of 3% convertible notes 16,961
--------- ----------
Total 452,366 416,057
======= =======
Net income $267,986 $77,442
Interest expense on 3% convertible
notes, net of tax benefit 7,350
--------- ----------
$275,336 $77,442
======== =======
Net income per common share $0.609 $0.186
====== ======
FULLY DILUTED
Average shares outstanding 423,557 402,722
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 12,137 13,568
Assumed conversion of convertible notes 19,712 4,680
--------- ----------
Total 455,406 420,970
======= =======
Net income $267,986 $77,442
Interest expense on convertible
notes, net of tax benefit 8,030 1,443
--------- ----------
$276,016 $78,885
======== =======
Net income per common share $0.606 $0.187
====== ======