PLAYBOY ENTERPRISES, INC. AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Quarters Ended Six Months Ended
December 31, December 31,
------------------------ ------------------------
1996 1995 1996 1995
----------- ----------- ----------- ---------
Primary:
Earnings:
Net income $ 2,825 $ 1,138 $ 3,862 $ 2,150
========= ========= ========= =========
Shares:
Weighted average number of common
shares outstanding 20,321 19,990 20,291 19,990
Assuming exercise of options reduced
by the number of shares which could have
been purchased with the proceeds from
exercise of such options 410 229 462 233
--------- --------- --------- ---------
Weighted average number of common shares
outstanding as adjusted 20,731 20,219 20,753 20,223
========= ========= ========= =========
Primary earnings per common share:
Net income $ 0.14/1/ $ 0.06/1/ $ 0.19/1/ $ 0.11/1/
========= ========= ========= =========
Fully Diluted:
Earnings:
Net income $ 2,825 $ 1,138 $ 3,862 $ 2,150
========= ========= ========= =========
Shares:
Weighted average number of common
shares outstanding 20,321 19,990 20,291 19,990
Assuming exercise of options reduced
by the number of shares which could have
been purchased with the proceeds from
exercise of such options 410 230 462 237
--------- --------- --------- ---------
Weighted average number of common shares
outstanding as adjusted 20,731 20,220 20,753 20,227
========= ========= ========= =========
Earnings per common share assuming full dilution:
Net income $ 0.14/1/ $ 0.06/1/ $ 0.19/1/ $ 0.11/1/
========= ========= ========= =========
/1/ This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.