Exhibit 11 CUC International Inc. and Subsidiaries Exhibit 11--Statement Re: Computation of per Share Earnings Year ended January 31, 1996 1995 1994 ----------------------------------- (in thousands, except per common share amounts) Primary Average shares outstanding 180,821 177,480 171,489 Net effect of dilutive stock options or stock options exercised during the year--based on the treasury stock method using average market price 13,845 11,739 11,624 ----------------------------------- Total 194,666 189,219 183,113 =================================== Net income $163,374 $124,566 $ 94,151 =================================== Net income per common share $ .839 $ .658 $ .514 =================================== Fully diluted Average shares outstanding 180,821 177,480 171,489 Net effect of dilutive stock options or stock options exercised during the year--based on the treasury stock method using the year-end market price, if higher than average market price or market price at date of exercise 14,569 12,153 12,628 Net effect of zero coupon convertible notes--based on the if converted method 2,436 2,780 6,198 ----------------------------------- 197,826 192,413 190,315 =================================== Net income $163,374 $124,566 $94,151 Interest expense: Zero coupon convertible notes 1,010 1,026 1,965 ----------------------------------- Net income $164,384 $125,592 $96,116 =================================== Net income per common share $ .831 $ .653 $ .505 ===================================