EXHIBIT 11
PAGE 1 OF 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE
($ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Computation of Primary Earnings Per Share
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1996 1995 1994
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Net income .......................................................... $ 306 $ 247 $ 200
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Shares -
Weighted average number of shares outstanding..................... 127.4 124.7 125.5
Assuming distribution of shares reserved under employee
stock purchase plan, based on withholdings to date, less
shares assumed purchased at average market price................ 0.2 0.2 0.1
Assuming distribution of shares granted under employee
stock option plan, less shares assumed purchased at
average market price............................................ 4.5 3.6 3.1
Assuming distribution of shares granted under deferred
stock incentive plan, less shares assumed purchased at
average market price............................................ 3.1 3.4 3.6
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135.2 131.9 132.3
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Primary Earnings Per Share........................................... $ 2.26 $ 1.87 $ 1.51
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EXHIBIT 11
PAGE 2 OF 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE (CONTINUED)
($ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Computation of Fully Diluted Earnings Per Share
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1996 1995 1994
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Earnings -
Net income...................................................... $ 306 $ 247 $ 200
After-tax interest expense on convertible subordinated debt..... 6 - -
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Net income for fully diluted earnings per share................. $ 312 $ 247 $ 200
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Shares -
Weighted average number of shares outstanding................... 127.4 124.7 125.5
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
price......................................................... 0.3 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 price................................ 4.7 4.0 3.1
Assuming distribution of shares granted under deferred stock
incentive plan, less shares assumed purchased at greater of
average or ending market price................................ 3.1 3.4 3.6
Assuming issuance of common shares upon conversion of
convertible subordinated debt................................. 3.7 - -
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139.2 132.3 132.3
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Fully Diluted Earnings Per Share................................... $ 2.24 $ 1.87 $ 1.51
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