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Exhibit 11.1
SERVICE CORPORATION INTERNATIONAL
COMPUTATION OF EARNINGS PER SHARE
(Thousands, except per share amounts)
NINE MONTHS ENDED THREE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1994 1993
- --------------------------------------------------------------------------------------------------------------------
PRIMARY:
Income before cumulative effect of
change in accounting principles . . . . $ 96,243 $ 73,388 $ 28,603 $ 19,807
Cumulative effect of change in
accounting principles (net of tax) . . . - (2,031) - -
---------- --------- ---------- ----------
$ 96,243 $ 71,357 $ 28,603 $ 19,807
Average number of common shares
outstanding . . . . . . . . . . . . . . 85,797 82,376 86,126 84,229
Common stock equivalents applicable to options
outstanding resulting from application
of the "treasury stock method" using
average stock price . . . . . . . . . . 418 357 452 426
---------- --------- ---------- ----------
Average common and common equivalent shares
used in earnings per share . . . . . . . 86,215 82,733 86,578 84,655
========== ========= ========== ==========
Primary Earnings Per Common Share:
Income before cumulative effect of change in
accounting principles . . . . . . . . . $ 1.12 $ .89 $ .33 $ .23
Cumulative effect of change in accounting
principles (net of tax) . . . . . . . . - (.03) - -
---------- --------- ---------- ----------
Net income . . . . . . . . . . . . . . . . . . . $ 1.12 $ .86 $ .33 $ .23
========== ========= ========== ==========
FULLY DILUTED:
Income before cumulative effect of change in
accounting principles . . . . . . . . . $ 96,243 $ 73,388 $ 28,603 $ 19,807
Add after tax interest expense applicable to
convertible debentures . . . . . . . . . 6,112 6,437 2,076 1,897
---------- --------- ---------- ----------
Income as adjusted . . . . . . . . . . . . . . . 102,355 79,825 30,679 21,704
Cumulative effect of change in accounting
principles (net of tax) . . . . . . . . - (2,031) - -
---------- --------- ---------- ----------
$ 102,355 $ 77,794 $ 30,679 $ 21,704
========== ========= ========== ==========
Average number of common shares
outstanding . . . . . . . . . . . . . . 85,797 82,376 86,126 84,229
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) . . . . . . . . . . . . . . 426 383 452 450
Assuming conversion of convertible debentures . . 10,163 10,764 10,249 9,619
---------- --------- ---------- ----------
Average shares used in fully diluted earnings
per share . . . . . . . . . . . . . . . 96,386 93,523 96,827 94,298
========== ========= ========== ==========
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before cumulative effect of change in
accounting principles . . . . . . . . . $ 1.06 $ .85 $ .32 $ .23
Cumulative effect of change in accounting
principles (net of tax) . . . . . . . . - (.02) - -
---------- --------- ---------- ----------
Net income . . . . . . . . . . . . . . . . . . . $ 1.06 $ .83 $ .32 $ .23
========== ========= ========== ==========