EXHIBIT 11
Page 1 of 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE
(in millions, except per share amounts)
Twenty- Twenty-
Twelve Twelve Four Four
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
June 14, June 16, June 14, June 16,
1996 1995 1996 1995
--------- --------- --------- ---------
Computation of Primary
- ----------------------
Earnings Per Share
- ------------------
Net income .................. $ 75 $ 59 $ 138 $ 111
========= ========= ========= =========
Shares -
Weighted average number of
shares outstanding ......... 127.7 124.7 127.1 124.2
Assuming distribution of
shares reserved under
employee stock purchase
plan, based on
withholdings to date,
less shares assumed
purchased at average
market............ - - 0.1 0.1
Assuming distribution of
shares granted under
employee stock option
plan, less shares assumed
purchased at average
market.................... 4.5 3.6 4.3 3.4
Assuming distribution of
shares granted under
deferred stock incentive
plan, less shares assumed
purchased at average
market.................... 3.2 3.2 3.2 3.2
--------- --------- --------- ---------
135.4 131.5 134.7 130.9
========= ========= ========= =========
Primary Earnings Per Share $ 0.55 $ 0.45 $ 1.02 $ 0.85
========= ========= ========= =========
EXHIBIT 11
Page 2 of 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE (Continued)
(in millions, except per share amounts)
Twenty- Twenty-
Twelve Twelve Four Four
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
June 14, June 16, June 14, June 16,
1996 1995 1996 1995
--------- --------- --------- ---------
Computation of Fully Diluted
- ----------------------------
Earnings Per Share
- ------------------
Earnings -
Net income................. $ 75 $ 59 $ 138 $ 111
After-tax interest expense
on convertible
subordinated debt......... 2 - 2 -
--------- --------- --------- ---------
Net income for fully
diluted earnings
per share................. $ 77 $ 59 $ 140 $ 111
========= ========= ========= =========
Shares -
Weighted average number of
shares outstanding........ 127.7 124.7 127.1 124.2
Assuming distribution of
shares reserved under
employee stock purchase
plan, based on with-
holdings to date, less
shares assumed purchased
at greater of average or
ending market........... 0.1 - 0.1 0.1
Assuming distribution of
shares granted under
employee stock option
plan, less shares
assumed purchased at
greater of average or
ending market........... 4.5 3.6 4.5 3.7
Assuming distribution of
shares granted under
deferred stock incentive
plan, less shares
assumed purchased at
greater of average or
ending market........... 3.2 3.2 3.2 3.2
Assuming issuance of
shares upon conversion
of convertible
subordinated debt....... 4.7 - 2.4 -
--------- --------- --------- ---------
140.2 131.5 137.3 131.2
========= ========= ========= =========
Fully Diluted Earnings
Per Share $ 0.55 $ 0.45 $ 1.02 $ 0.85
========= ========= ========= =========