1
Exhibit 11.1
SERVICE CORPORATION INTERNATIONAL
COMPUTATION OF EARNINGS PER SHARE
(Thousands, except per share amounts)
THREE MONTHS ENDED MARCH 31,
1994 1993
- - ------------------------------------------------------------------------------------------------------------------------
PRIMARY:
Income before cumulative effect of
change in accounting principles................................................. $ 37,445 $ 29,248
Cumulative effect of change in
accounting principles (net of tax).............................................. - (2,031)
--------- ---------
$ 37,445 $ 27,217
========= =========
Average number of common shares
outstanding..................................................................... 85,359 79,619
Common stock equivalents applicable to options outstanding
resulting from application of the "treasury stock method"
using average stock price....................................................... 426 311
--------- ---------
Average common and common equivalent shares
used in earnings per share 85,785 79,930
========= =========
Primary Earnings Per Common Share:
Income before cumulative effect of change in
accounting principles........................................................... $ .44 $ .37
Cumulative effect of change in accounting
principles (net of tax)......................................................... - (.03)
--------- ---------
Net income.......................................................................... $ .44 $ .34
========= =========
FULLY DILUTED:
Income before cumulative effect of change in
accounting principles........................................................... $ 37,445 $ 29,248
Add after tax interest expense applicable to
convertible debentures.......................................................... 2,001 2,565
--------- ---------
Income as adjusted.................................................................. 39,446 31,813
========= =========
Cumulative effect of change in accounting
principles (net of tax)......................................................... - (2,031)
--------- ---------
$ 39,446 $ 29,782
========= =========
Average number of common shares
outstanding..................................................................... 85,359 79,619
Common stock equivalents applicable to options outstanding
resulting from application of the "treasury stock method"
using end of period stock price (if greater than average
stock price for period)......................................................... 426 363
Assuming conversion of convertible debentures....................................... 10,030 13,120
--------- ---------
Average shares used in fully diluted earnings per share............................. 95,815 93,102
========= =========
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before cumulative effect of change in
accounting principles........................................................... $ .41 $ .34
Cumulative effect of change in accounting
principles (net of tax)......................................................... - (.02)
--------- ---------
Net income.......................................................................... $ .41 $ .32
========= =========
15