EXHIBIT 11
THE PROMUS COMPANIES INCORPORATED
COMPUTATIONS OF PER SHARE EARNINGS
FISCAL YEAR ENDED
----------------------------------------------
DECEMBER 31, DECEMBER 31, JANUARY 3,
1993 1992 1992
-------------- -------------- --------------
Income before extraordinary items................................ $ 91,793,000 $ 51,418,000 $ 30,011,000
Extraordinary items, net......................................... (5,447,000) 1,074,000 -
-------------- -------------- --------------
Net income....................................................... $ 86,346,000 $ 52,492,000 $ 30,011,000
-------------- -------------- --------------
-------------- -------------- --------------
PRIMARY EARNINGS PER SHARE (1)
Weighted average number of common shares outstanding............. 100,678,398 99,409,722 88,478,208
Common stock equivalents
Additional shares based on average market price for period
applicable to:
Restricted stock.................................... 1,045,704 1,399,302 1,693,557
Stock options....................................... 838,272 306,702 308,058
-------------- -------------- --------------
Average number of primary common and common equivalent shares
outstanding...................................................... 102,562,374 101,115,726 90,479,823
-------------- -------------- --------------
-------------- -------------- --------------
PRIMARY EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
Income before extraordinary items........................... $ 0.89 $ 0.51 $ 0.33
Extraordinary items......................................... (0.05) 0.01 -
-------------- -------------- --------------
Net income.................................................. $ 0.84 $ 0.52 $ 0.33
-------------- -------------- --------------
-------------- -------------- --------------
FULLY DILUTED EARNINGS PER SHARE (1)
Average number of primary common and common equivalent shares
outstanding...................................................... 102,562,374 101,115,726 90,479,823
Additional shares based on period-end price applicable to:
Restricted stock....................................... 11,497 - 444,126
Stock options.......................................... 107,454 304,263 30,795
-------------- -------------- --------------
Average number of fully diluted common and common equivalent
shares outstanding............................................... 102,681,325 101,419,989 90,954,744
-------------- -------------- --------------
-------------- -------------- --------------
FULLY DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
Income before extraordinary items........................... $ 0.89 $ 0.51 $ 0.33
Extraordinary items......................................... (0.05) 0.01 -
-------------- -------------- --------------
Net income.................................................. $ 0.84 $ 0.52 $ 0.33
-------------- -------------- --------------
-------------- -------------- --------------
- ---------------
(1) Retroactively adjusted for stock splits. (See Note 3 on page 15 of Book Two
of the Annual Report.)