HFS Incorporated and Subsidiaries EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In thousands, except per share data)
For the Three Months Ended September 30,
1996 1995
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Fully Fully
Primary Diluted Primary Diluted
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Net income .................................................................. $ 61,070 $ 61,070 $ 27,119 $ 27,119
Convertible debt interest and amortization
of deferred loan costs, net of tax ........................................ 1,134 1,134 1,092 1,092
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Net income as adjusted ...................................................... $ 62,204 $ 62,204 $ 28,211 $ 28,211
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Weighted average common shares outstanding 123,322 123,322 99,398 99,398
Incremental shares for outstanding
stock options and warrants ................................................ 11,052 11,364 7,306 8,094
Convertible debt ............................................................ 8,256 8,256 8,266 8,266
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Weighted average common and common
equivalent shares outstanding ............................................. 142,630 142,942 114,970 115,758
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Net income per share ........................................................ $ 0.44 $ 0.44 $ 0.25 $ 0.24
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For the Three Months Ended September 30,
1996 1995
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Fully Fully
Primary Diluted Primary Diluted
-----------------------------------------
Net income .................................................................. $122,632 $122,632 $ 59,364 $ 59,364
Convertible debt interest and amortization
of deferred loan costs, net of tax ........................................ 3,369 3,369 3,276 3,276
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Net income as adjusted ...................................................... $126,001 $126,001 $ 62,640 $ 62,640
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Weighted average
common shares outstanding ................................................. 112,036 112,036 96,166 96,166
Incremental shares for outstanding
stock options and warrants ................................................ 10,667 11,391 5,132 7,624
Convertible debt ............................................................ 8,257 8,257 8,266 8,266
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Weighted average common and
common equivalent shares outstanding 130,960 131,684 109,564 112,056
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Net income per share ........................................................ $ 0.96 $ 0.96 $ 0.57 $ 0.56
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