PLAYBOY ENTERPRISES, INC. AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
for the years ended June 30
(In thousands, except per share amounts)
1997 1996 1995
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Primary:
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Earnings:
Net income $21,394 $ 4,252 $ 629
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Shares:
Weighted average number of common
shares outstanding 20,318 20,014 19,984
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the proceeds
from exercise of such options 514 359 218
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Weighted average number of common
shares outstanding as adjusted 20,832 20,373 20,202
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Primary earnings per common share:
Net income $ 1.03 1 $ 0.21 1 $ 0.03 1
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Fully Diluted:
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Earnings:
Net income $21,394 $ 4,252 $ 629
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Shares:
Weighted average number of common
shares outstanding 20,318 20,014 19,984
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the proceeds
from exercise of such options 580 424 268
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Weighted average number of common
shares outstanding as adjusted 20,898 20,438 20,252
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Earnings per common shares assuming
full dilution:
Net income $ 1.02 1 $ 0.21 1 $ 0.03 1
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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%.