EXHIBIT 11(1)
PROMUS HOTEL CORPORATION
COMPUTATION OF PER SHARE EARNINGS (1)
1995 1994 1993
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Income before extraordinary items................... $43,760,000 $36,319,000 $16,926,000
Extraordinary items, net of income tax.............. 2,819,000 - -
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Net income.......................................... $46,579,000 $36,319,000 $16,926,000
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PRIMARY EARNINGS PER SHARE
Weighted average number of common shares
outstanding....................................... 51,365,016 51,360,013 51,360,013
Common stock equivalents
Additional shares based on average market price
for the period applicable to
Restricted stock.............................. (26,295) (39,090) (39,090)
Stock options................................. 229,839 252,002 252,002
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Average number of primary common and
common equivalent shares outstanding.............. 51,568,560 51,572,925 51,572,925
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Primary earnings per common and common
equivalent share
Income before extraordinary items............... $ 0.85 $ 0.70 $ 0.33
Extraordinary items, net of income tax.......... 0.05 - -
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Net income...................................... $ 0.90 $ 0.70 $ 0.33
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FULLY DILUTED EARNINGS PER SHARE
Average number of primary common and
common equivalent shares outstanding.............. 51,568,560 51,572,925 51,572,925
Change in shares based on period-end price
applicable to
Restricted stock................................ (1,218) - -
Stock options................................... (3,473) - -
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Average number of fully diluted common
and common equivalent shares outstanding.......... 51,563,869 51,572,925 51,572,925
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Fully diluted earnings per common and
common equivalent share
Income before extraordinary items............... $ 0.85 $ 0.70 $ 0.33
Extraordinary items, net of income tax.......... 0.05 - -
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Net income...................................... $ 0.90 $ 0.70 $ 0.33
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(1) For purposes of computing earnings per share on a comparable basis, the
weighted average number of common shares outstanding and common stock
equivalents are assumed to be equal to those actually outstanding on June
30, 1995.