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,
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1997 1996
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FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
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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
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Net income, as adjusted $169,223 $169,464 $ 97,096 $ 97,565
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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
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Weighted average common and common
equivalent shares outstanding 871,488 874,573 768,918 778,279
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Net income per share $ 0.19 $ 0.19 $ 0.13 $ 0.13
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