EXHIBIT 11
THE PROMUS COMPANIES INCORPORATED
COMPUTATIONS OF PER SHARE EARNINGS
FISCAL YEAR ENDED DECEMBER 31,
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1994 1993 1992
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Income from continuing operations.................. $ 49,984,000 $74,867,000 $49,577,000
Earnings from discontinued hotel operations, net... 36,319,000 16,926,000 1,841,000
Extraordinary items, net........................... - (5,447,000) 1,074,000
Cumulative effect of change in accounting policy,
net.............................................. (7,932,000) - -
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Net income......................................... $ 78,371,000 $86,346,000 $52,492,000
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PRIMARY EARNINGS PER SHARE (1)
Weighted average number of common shares
outstanding........................................ 101,604,698 100,678,398 99,409,722
Common stock equivalents
Additional shares based on average market
price for period applicable to:
Restricted stock......................... 461,408 1,045,704 1,399,302
Stock options............................ 744,205 838,272 306,702
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Average number of primary common and common
equivalent shares outstanding.................... 102,810,311 102,562,374 101,115,726
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PRIMARY EARNINGS PER COMMON AND COMMON EQUIVALENT
SHARE
Income from continuing operations.............. $ 0.49 $ 0.73 $ 0.49
Discontinued hotel operations, net............. 0.35 0.16 0.02
Extraordinary items, net....................... - (0.05) 0.01
Change in accounting policy, net............... (0.08) - -
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Net income..................................... $ 0.76 $ 0.84 $ 0.52
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FULLY DILUTED EARNINGS PER SHARE (1)
Average number of primary common and common
equivalent shares outstanding...................... 102,810,311 102,562,374 101,115,726
Additional shares based on period-end price
applicable to:
Restricted stock........................... 89,655 11,497 -
Stock options.............................. - 107,454 304,263
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Average number of fully diluted common and common
equivalent shares outstanding.................... 102,899,966 102,681,325 101,419,989
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FULLY DILUTED EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE
Income from continuing operations.............. $ 0.49 $ 0.73 $ 0.49
Discontinued hotel operations, net............. 0.35 0.16 0.02
Extraordinary items, net....................... - (0.05) 0.01
Change in accounting policy, net............... (0.08) - -
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Net income..................................... $ 0.76 $ 0.84 $ 0.52
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(1) Retroactively adjusted for stock splits. (See Note 5.)