EXHIBIT 11.1
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
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1996 1995 1994
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FULLY FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED
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Net income $423,611 $423,611 $302,825 $302,825 $286,590 $286,590
Convertible debt interest and
amortization of deferred
loan costs, net of tax 4,500 5,788 4,505 6,720 -- 3,141
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Net income, as adjusted $428,111 $429,399 $307,330 $309,545 $286,590 $289,731
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Weighted average common
shares outstanding 754,363 754,363 670,466 670,466 643,486 643,486
Incremental shares for
outstanding stock options
and warrants 40,099 42,096 44,294 51,193 39,549 41,788
Contingent shares -- -- -- -- 7,512 7,512
Convertible debt 19,830 24,127 19,864 27,045 -- 9,423
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Weighted average common
equivalent shares outstanding 814,292 820,586 734,624 748,704 690,547 702,209
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Net income per share $ 0.53 $ 0.52 $ 0.42 $ 0.41 $ 0.42 $ 0.41
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