PLAYBOY ENTERPRISES, INC. AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
for the Quarters Ended September 30
(In thousands, except per share amounts)
1997 1996
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Primary:
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Earnings:
Net income $ 1,095 $ 1,037
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Shares:
Weighted average number of common
shares outstanding 20,454 20,261
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the proceeds
from exercise of such options 437 508
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Weighted average number of common
shares outstanding as adjusted 20,891 20,769
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Primary earnings per common share:
Net income $ 0.05/1/ $ 0.05/1/
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Fully Diluted:
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Earnings:
Net income $ 1,095 $ 1,037
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Shares:
Weighted average number of common
shares outstanding 20,454 20,261
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the proceeds
from exercise of such options 585 508
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Weighted average number of common
shares outstanding as adjusted 21,039 20,769
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Earnings per common share assuming
full dilution:
Net income $ 0.05/1/ $ 0.05/1/
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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%.