EXHIBIT 11
PAGE 1 OF 2
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE
($ in millions, except per share amounts)
Twelve weeks ended Thirty-six weeks ended
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September 12, September 6, September 12, September 6,
1997 1996 1997 1996
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Computation of Primary Earnings Per Share
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Net Income................................................ $ 67.5 $ 58.0 $ 227.4 $ 196.0
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Shares -
Weighted average number of shares outstanding............. 127.3 127.8 126.8 127.4
Assumed distribution of shares reserved under employee
stock purchase plan, less shares assumed purchased at
the average market price................................. - 0.1 - 0.1
Assumed issuance of shares granted under employee
stock option plan, less shares assumed purchased at
the average market price............................... 4.6 4.4 4.3 4.4
Assumed distribution of shares granted under deferred
stock incentive plan, less shares assumed purchased at
average market price................................... 3.0 3.1 3.0 3.1
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134.9 135.4 134.1 135.0
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Primary Earnings Per Share................................ $ .50 $ .43 $ 1.70 $ 1.45
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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)
Twelve weeks ended Thirty-six weeks ended
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September 12, September 6, September 12, September 6,
1997 1996 1997 1996
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Computation of Fully Diluted Earnings Per Share
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Earnings -
Net Income......................................................... $ 67 $ 58 $ 227 $ 196
After-tax interest expense on convertible subordinated debt..... 2 2 5 4
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Net income for fully diluted earnings per share.................... $ 69 $ 60 $ 232 $ 200
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Shares -
Weighted average number of shares outstanding...................... 127.3 127.8 126.8 127.4
Assumed distribution of shares reserved under employee
stock purchase plan, less shares assumed purchased at
greater of average or ending market price..................... 0.1 0.1 0.1 0.2
Assumed issuance of shares granted under employee stock
option plan, less shares assumed purchased at greater
of average or ending market price............................. 4.6 4.5 4.8 4.7
Assumed distribution of shares granted under deferred
stock incentive plan, less shares assumed purchased at
greater of average or ending market price..................... 3.0 3.1 3.0 3.1
Assumed issuance of common shares upon conversion of
convertible subordinated debt................................. 4.7 4.7 4.7 3.2
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139.7 140.2 139.4 138.6
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Fully Diluted Earnings Per Share................................... $ .49 $ .43 $ 1.67 $ 1.44
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