EXHIBIT 11.2 CENDANT CORPORATION AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) FOR THE THREE MONTHS ENDED MARCH 31, ----------------------------------------- 1997 1996 ------------------- ------------------- FULLY FULLY PRIMARY DILUTED PRIMARY DILUTED -------- -------- -------- -------- Net income $165,868 $165,868 $ 95,974 $ 95,974 Convertible debt interest and amortization of deferred loan costs, net of tax 3,355 3,596 1,122 1,591 -------- -------- -------- -------- Net income, as adjusted $169,223 $169,464 $ 97,096 $ 97,565 ======== ======== ======== ======== Weighted average common shares outstanding 799,404 799,404 705,401 705,401 Incremental shares for outstanding stock options and warrants 37,288 37,287 43,672 46,484 Convertible debt 34,796 37,882 19,845 26,394 -------- -------- -------- -------- Weighted average common and common equivalent shares outstanding 871,488 874,573 768,918 778,279 ======== ======== ======== ======== Net income per share $ 0.19 $ 0.19 $ 0.13 $ 0.13 ======== ======== ======== ========