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Exhibit 11.1
SERVICE CORPORATION INTERNATIONAL
COMPUTATION OF EARNINGS PER SHARE
Years Ended December 31,
1995 1994 1993
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(Thousands, except per share amounts)
PRIMARY:
Income before cumulative effect of changes in accounting principles . . . . . $ 183,588 $ 131,045 $ 103,092
Cumulative effect of change in accounting principles (net of tax) . . . . . . - - (2,031)
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$ 183,588 $ 131,045 $ 101,061
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Average number of common shares outstanding . . . . . . . . . . . . . . . . . 100,799 86,509 82,992
Common stock equivalents applicable to options
outstanding resulting from application of the
"treasury stock method" using average stock price . . . . . . . . . 1,275 417 380
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Average common and common equivalent shares
used in earnings per share . . . . . . . . . . . . . . . . . . . . . 102,074 86,926 83,372
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Primary Earnings Per Common Share:
Income before cumulative effect of change in accounting principles . . . . . $ 1.80 $ 1.51 $ 1.24
Cumulative effect of change in accounting principles (net of tax) . . . . . . - - (.03)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.80 $ 1.51 $ 1.21
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FULLY DILUTED:
Income before cumulative effect of change in accounting principles . . . . . $ 183,588 $ 131,045 $ 103,092
Add after tax interest expense applicable to convertible debentures . . . . . 13,548 8,501 8,412
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Income as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,136 139,546 111,504
Cumulative effect of change in accounting principles (net of tax) . . . . . . - - (2,031)
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$ 197,136 $ 139,546 $ 109,473
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Average number of common shares outstanding . . . . . . . . . . . . . . . . . 100,799 86,509 82,992
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) . . . . . . . . . . . . . . . . 1,519 492 401
Assuming conversion of convertible debentures . . . . . . . . . . . . . . . . 13,335 10,407 10,485
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Average shares used in fully diluted earnings per share . . . . . . . . . . . 115,653 97,408 93,878
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Fully Diluted Earnings Per Common Share:
Income before cumulative effect of change in accounting principles . . . . . $ 1.70 $ 1.43 $ 1.19
Cumulative effect of change in accounting principles (net of tax) . . . . . . - - (.02)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.70 $ 1.43 $ 1.17
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