EXHIBIT 11.4
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30,
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1997 1996
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FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
-------- -------- -------- --------
Net income $248,264 $248,264 $ 68,466 $ 68,466
Convertible debt interest and
amortization of deferred loan
costs, net of tax 5,539 5,771 1,134 1,586
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Net income, as adjusted $253,803 $254,035 $ 69,600 $ 70,052
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Weighted average common shares
outstanding 807,447 807,447 773,519 773,519
Incremental shares for outstanding
stock options and warrants 34,642 43,529 41,080 41,975
Convertible debt 45,972 48,471 19,842 22,989
-------- -------- -------- --------
Weighted average common and
common equivalent shares
outstanding 888,061 899,447 834,441 838,483
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Net income per share $ 0.29 $ 0.28 $ 0.08 $ 0.08
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NINE MONTHS ENDED SEPTEMBER 30,
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1997 1996
------------------- -------------------
FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
-------- -------- -------- --------
Net income $400,694 $400,694 $265,504 $265,504
Convertible debt interest and
amortization of deferred loan
costs, net of tax 10,648 11,328 3,369 4,812
-------- -------- -------- --------
Net income, as adjusted $411,342 $412,022 $268,873 $270,316
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Weighted average common shares
outstanding 804,338 804,338 740,557 740,557
Incremental shares for outstanding
stock options and warrants 33,677 33,966 40,317 42,528
Convertible debt 36,364 39,115 19,842 24,522
-------- -------- -------- --------
Weighted average common and
common equivalent shares
outstanding 874,379 877,419 800,716 807,607
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Net income per share $ 0.47 $ 0.47 $ 0.34 $ 0.33
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