EXHIBIT 11
PROMUS HOTEL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Second Quarter Ended Six Months Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
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Net income $28,940,000 $18,136,000 $52,660,000 $30,885,000
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Primary Earnings Per Share
Weighted average number of common
shares outstanding 51,137,155 51,345,869 51,243,974 51,340,309
Common stock equivalents
Additional shares based on
average market price for
period applicable to:
Restricted stock 8,697 10,812 7,377 7,638
Stock options 527,228 327,992 491,366 283,846
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Average number of primary common
and common equivalent shares
outstanding 51,673,080 51,684,673 51,742,717 51,631,793
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Primary earnings per common and
common equivalent share
Net income $ 0.56 $ 0.35 $ 1.02 $ 0.60
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Fully Diluted Earnings Per Share
Average number of primary common
and common equivalent shares
outstanding 51,673,080 51,684,673 51,742,717 51,631,793
Additional shares based on
period-end price applicable to:
Restricted stock 1,498 2,752 2,818 5,926
Stock options 87,749 38,502 123,611 82,648
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Average number of fully diluted
common and common equivalent
shares outstanding 51,762,327 51,725,927 51,869,146 51,720,367
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Fully Diluted earnings per common
and common equivalent share
Net income $ 0.56 $ 0.35 $ 1.02 $ 0.60
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