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EXHIBIT 11.1
DOUBLETREE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
(In thousands except per share data)
1994 1995 1996
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Fully Fully Fully
Primary Diluted Primary Diluted Primary Diluted
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Net Income $13,235 $13,235 $17,791 $17,791 $25,934 $25,934
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Weighted average shares
outstanding 19,953 19,953 21,901 21,901 25,088 25,088
Additional number of common share
equivalents assuming exercise of
options and warrants 118 123 318 480 678 911
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Weighted average common and
common equivalent shares
outstanding 20,071 20,076 22,219 22,381 25,766 25,999
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Effect of other contingent issuances
of common shares(1) -- -- -- -- -- --
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Weighted average shares
outstanding assuming full
dilution 20,071 20,076 22,219 22,381 25,766 25,999
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Earnings per share $ 0.66 $ 0.66 $ 0.80 $ 0.79 $ 1.01 $ 1.00
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(1) The Company has no outstanding securities or agreements which would result
in the issuance of common shares other than common share equivalents.