EXHIBIT 11
Page 1 of 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE
(in millions, except per share amounts)
Twelve Twelve Thirty-Six Thirty-Six
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
September 6, September 8, September 6, September 8,
1996 1995 1996 1995
------------ ------------ ------------- ------------
Computation of Primary Earnings Per Share
- -----------------------------------------
Net income..................................... $ 58 $ 46 $ 196 $ 157
============= ============ ============= ============
Shares -
Weighted average number of
shares outstanding............................ 127.8 125.2 127.4 124.5
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 0.1
Assuming distribution of shares granted
under employee stock option plan,
less shares assumed purchased at
average market............................ 4.4 3.5 4.4 3.5
Assuming distribution of shares granted
under deferred stock incentive plan,
less shares assumed purchased at
average market............................ 3.1 3.6 3.1 3.5
------------- ------------ ------------ ------------
135.4 132.3 135.0 131.6
============= ============ ============ ============
Primary Earnings Per Share..................... $ 0.43 $ 0.35 $ 1.45 $ 1.19
============= ============ ============ ============
EXHIBIT 11
Page 2 of 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE (Continued)
(in millions, except per share amounts)
Twelve Twelve Thirty-Six Thirty-Six
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
September 6, September 8, September 6, September 8,
1996 1995 1996 1995
------------ ------------ ------------- ------------
Computation of Fully Diluted Earnings Per Share
- -----------------------------------------------
Earnings -
Net income................................... $ 58 $ 46 $ 196 $ 157
After-tax interest expense on
convertible subordinated debt.............. 2 - 4 -
----------- ----------- ------------ -----------
Net income for fully diluted
earnings per share......................... $ 60 $ 46 $ 200 $ 157
=========== =========== ============ ===========
Shares -
Weighted average number of shares
outstanding.................................. 127.8 125.2 127.4 124.5
Assuming distribution of shares reserved
under employee stock purchase plan,
based on withholdings to date, less
shares assumed purchased at greater of
average or ending market.................... 0.1 - 0.2 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 3.5 4.7 3.5
Assuming distribution of shares granted
under deferred stock incentive plan, less
shares assumed purchased at greater of
average or ending market.................... 3.1 3.6 3.1 3.9
Assuming issuance of shares upon conversion
of convertible subordinated debt............ 4.7 - 3.2 -
----------- ------------ ------------ -----------
140.2 132.3 138.6 132.0
=========== =========== ============ ===========
Fully Diluted Earnings Per Share................ $ 0.43 $ 0.35 $ 1.44 $ 1.19
=========== =========== ============ ===========