EXHIBIT 11
HFS Incorporated and Subsidiaries
COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In thousands, except per share data)
For the Three Months Ended June 30,
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1996 1995
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Fully Fully
Primary Diluted Primary Diluted
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Net income $ 38,744 $ 38,744 $ 20,183 $ 20,183
Convertible debt interest
& amortization of deferred
loan costs, net of tax 1,122 1,122 1,092 1,092
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Net income as adjusted $ 39,866 $ 39,866 $ 21,275 $ 21,275
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Weighted average common shares outstanding 109,948 109,948 94,284 94,284
Incremental shares for outstanding
stock options and warrants 11,381 11,954 8,640 9,320
Contingent shares -- -- 1,072 1,072
Convertible debt 8,257 8,257 8,266 8,266
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Weighted average common and common
equivalent shares outstanding 129,586 130,159 112,262 112,942
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Net income per share $ 0.31 $ 0.31 $ 0.19 $ 0.19
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For the Six Months Ended June 30,
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1996 1995
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Fully Fully
Primary Diluted Primary Diluted
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Net income $ 61,562 $ 61,562 $ 32,245 $ 32,245
Convertible debt interest
and amortization of deferred
loan costs, net of tax 2,244 2,244 2,184 2,184
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Net income as adjusted $ 63,806 $ 63,806 $ 34,429 $ 34,429
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Weighted average
common shares outstanding 106,331 106,331 93,618 93,618
Incremental shares for outstanding
stock options and warrants 10,641 11,687 8,284 9,320
Contingent shares -- -- 1,072 1,072
Convertible debt 8,257 8,257 8,266 8,266
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Weighted average common and
common equivalent shares outstanding 125,229 126,275 111,240 112,276
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Net income per share $ 0.51 $ 0.51 $ 0.31 $ 0.31
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