EXHIBIT 11
HILTON HOTELS CORPORATION AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS(1)
1996 1995 1994
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Income (in millions)
Before extraordinary item $156 $173 $122
Deduct dividends on preferred shares - - -
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Income applicable to common stock
before extraordinary item 156 173 122
Extraordinary item, net (74) - -
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Income applicable to common stock $82 $173 $122
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Shares
Shares outstanding January 1 193,348,712 192,458,892 191,387,416
Stock option - weighted average exercises 177,702 74,152 89,936
Weighted average shares issued 1,860,359 - -
Outstanding when market price exceeds
exercise price at ends of periods 10,331,635 5,469,300 4,882,240
Less shares assumed purchased with proceeds (8,575,719) (3,909,872) (3,222,220)
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Common and common equivalent shares 197,142,689 194,092,472 193,137,372
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Earnings per common share
Income before extraordinary item $0.79 $0.89 $0.63
Extraordinary item (0.38) - -
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Net income $0.41 $0.89 $0.63
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(1) All periods restated to give effect to 4 for 1 common stock split in
September 1996.