EXHIBIT 11
PAGE 1 OF 2
HOST MARRIOTT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
FISCAL YEARS
---------------------
1994 1993 1992
------ ------ ------
Net income (loss)........................................ $ (25) $ 50 $ 85
Less: Dividends on convertible preferred stock........... -- 8 17
------ ------ ------
Net income (loss) available for common shareholders...... $ (25) $ 42 $ 68
====== ====== ======
Primary Earnings (Loss) Per Common Share
Shares--
Weighted average number of common shares outstanding... 151.5 107.4 99.8
Assuming distribution of common shares reserved under
employee stock purchase plan, based on withholdings to
date, less shares assumed purchased at average
market(1)............................................. -- .1 .1
Assuming distribution of common shares granted under
comprehensive stock plan, less shares assumed
purchased at average market(1)........................ -- 5.5 5.8
Assuming distribution of common shares issuable for
warrants, less shares assumed purchased at average
market(1)(2).......................................... -- -- --
------ ------ ------
151.5 113.0 105.7
====== ====== ======
Primary Earnings (Loss) Per Common Share................. $ (.17) $ .37 $ .64
====== ====== ======
--------
(1) Common equivalent shares and other potentially dilutive securities were
antidilutive in 1994.
(2) Stock warrants were issued in 1994.
E-1
EXHIBIT 11
PAGE 2 OF 2
HOST MARRIOTT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (CON'T)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
FISCAL YEARS
---------------------
1994 1993 1992
------ ------ ------
Fully Diluted Earnings (Loss) Per Common Share
Shares--
Weighted average number of common shares outstanding... 151.5 107.4 99.8
Assuming distribution of common shares reserved under
employee stock purchase plan, based on withholdings to
date, less shares assumed purchased at higher of
average or ending market(1)........................... -- .1 .2
Assuming distribution of common shares granted under
comprehensive stock plan, less shares assumed
purchased at higher of average or ending market(1).... -- 7.6 6.5
Assuming distribution of common shares issuable for
warrants, less shares assumed purchased at higher of
average or ending market(1)(2)........................ -- -- --
Assuming issuance of common shares upon conversion of
subordinated debt(3).................................. -- .7 --
Assuming issuance of common shares upon conversion of
convertible preferred stock(3)........................ -- 5.5 --
------ ------ ------
151.5 121.3 106.5
====== ====== ======
Fully Diluted Earnings (Loss) Per Common Share........... $ (.17) $ .35 $ .64
====== ====== ======
--------
(1) Common equivalent shares and other potentially dilutive securities were
antidilutive in 1994.
(2) Stock warrants were issued in 1994.
(3) Convertible subordinated debt and convertible preferred stock were
antidilutive in 1992 and 1994.
E-2