HFS INCORPORATED AND SUBSIDIARIES EXHIBIT 11
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COMPUTATION OF PER SHARE EARNINGS
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(Unaudited)
(In thousands, except per share data)
FOR THE THREE MONTHS ENDED MARCH 31,
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1996 1995
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FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
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Net income $ 22,818 $ 22,818 $ 12,062 $ 12,062
Convertible debt interest and
amortization of deferred loan
costs, net of tax 1,122 1,122 -- --
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Net income as adjusted $ 23,940 $ 23,940 $ 12,062 $ 12,062
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Weighted average
common shares outstanding 102,713 102,713 92,620 92,620
Incremental shares for outstanding
stock options and warrants 9,769 10,117 7,930 8,864
Contingent shares -- -- 1,072 1,072
Convertible debt 8,258 8,258 -- --
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Weighted average
common and common
equivalent shares outstanding 120,740 121,088 101,622 102,556
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Net income per share $ 0.20 $ 0.20 $ 0.12 $ 0.12
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