1
Exhibit 11
Page 1 of 2
PRIME HOSPITALITY CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
DECEMBER 31, 1993 AND 1992
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Five Months
Year Ended Ended
December 31, December 31,
1993 1992
------------ ------------
Primary:
Income:
Income from continuing
operations . . . . . . . . . . . . . . . . . . . . . . . . . . $8,175 $ 1,393
Extraordinary items - Gains
on discharge of indebtedness,
net of income taxes . . . . . . . . . . . . . . . . . . . . 3,989 --
------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . $12,164 $ 1,393
====== ======
Weighted average number of
common shares and common
share equivalents
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 33,808 33,000
====== ======
Income per share:
Continuing operations . . . . . . . . . . . . . . . . . . . . . $ .24 $ .04
Extraordinary items - Gains
on discharge of indebtedness,
net of income taxes . . . . . . . . . . . . . . . . . . . . .12 --
------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ .36 $ .04
====== ======
Fully diluted:
Income:
Income from continuing
operations . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,175 $ 1,393
Extraordinary items - Gains
on discharge of indebtedness,
net of income taxes . . . . . . . . . . . . . . . . . . . . 3,989 --
------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,164 $ 1,393
====== =====
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Exhibit 11
Page 2 of 2
PRIME HOSPITALITY CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
DECEMBER 31, 1993 AND 1992
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(CONTINUED)
Five Months
Year Ended Ended
December 31, December 31,
1993 1992
----------- -----------
Shares:
Weighted average number of
common shares and common
share equivalents
outstanding . . . . . . . . . . . . . . . . . . . . . 34,632 33,513
====== ======
Income per share:
Continuing operations . . . . . . . . . . . . . . . . . . .24 .04
Extraordinary items - Gains
on discharge of indebteness,
net of income taxes . . . . . . . . . . . . . . . . . .12 --
------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . $ .36 $ .04
====== ======
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Exhibit 11
Page 1 of 2
PRIME HOSPITALITY CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
JULY 31, 1992 AND JUNE 30, 1992 AND 1991
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
One Month
Ended
July 31, Years Ended June 30,
-----------------------------
1992 1992 1991
-------- --------- ---------
Primary:
Income (loss):
Loss from continuing
operations . . . . . . . . . . . . . . . . . . . . . $(10,274) $(71,965) $(246,110)
Income from discontinued
operations . . . . . . . . . . . . . . . . . . . . -- -- 18,922
Extraordinary items - Gains
on discharge of indebtedness . . . . . . . . . . . 249,600 -- --
------- ------- -------
Net income (loss) . . . . . . . . . . . . . . . . . . $239,326 $(71,965) $(227,188)
======= ======= ========
Weighted average number of
common shares and common
share equivalents
outstanding . . . . . . . . . . . . . . . . . . . . . 33,028 33,028 33,028
======= ======= ========
Income (loss) per share:
Continuing operations . . . . . . . . . . . . . . . . $ (.31) $ (2.18) $ (7.45)
Discontinued operations . . . . . . . . . . . . . . . -- -- .57
Extraordinary items - Gains
on discharge of indebtedness . . . . . . . . . . . . 7.56 -- --
------- ------- --------
Net income (loss) . . . . . . . . . . . . . . . . . . $ 7.25 $ (2.18) $ (6.88)
======= ======= ========
Fully diluted:
Income (loss):
Loss from continuing
operations . . . . . . . . . . . . . . . . . . . . . $(10,274) $(71,965) $(246,110)
Add after tax interest
expense applicable to
6-5/8% and 7% convertible
subordinated debentures . . . . . . . . . . . . . -- -- 3,440
------- ------- --------
Loss from continuing
operations as adjusted . . . . . . . . . . . . . . (10,274) (71,965) (242,670)
Income from discontinued
operations . . . . . . . . . . . . . . . . . . . . -- -- 18,922
Extraordinary items - Gains
on discharge of indebtedness . . . . . . . . . . . . 249,600 -- --
------- ------- --------
Net income (loss) . . . . . . . . . . . . . . . . . . $239,326 $(71,965) $(223,748)
======= ======= ========
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Exhibit 11
Page 2 of 2
PRIME HOSPITALITY CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
JULY 31, 1992 AND JUNE 30, 1992 AND 1991
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(CONTINUED)
One Month
Ended Years Ended
July 31, June 30,
---------------------------------
1992 1992 1991
-------- -------- --------
Shares:
Weighted average number of
common shares outstanding
and common share
equivalents outstanding . . . . . . . . . . . . . . 33,028 33,028 33,028
Assuming conversion of
6-5/8% and 7% convertible
subordinated debentures . . . . . . . . . . . . . . -- 5,451 5,451
------ ------ ------
Weighted average number of
common shares and common
share equivalents
outstanding as adjusted . . . . . . . . . . . . . . 33,028 38,479 38,479
====== ====== ======
Income (loss) per share:
Continuing operations . . . . . . . . . . . . . . . . $ (.31) $ (1.87) $(6.31)
Discontinued operations . . . . . . . . . . . . . . . -- -- .49
Extraordinary items - Gains
on discharge of indebtedness . . . . . . . . . . . . 7.56 -- --
------ ------ -----
Net income (loss) . . . . . . . . . . . . . . . . . $ 7.25 (A) $ (1.87)(A) $ (5.82)(A)
====== ====== =====
(A) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.
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