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EXHIBIT 11
HILTON HOTELS CORPORATION AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
Net income per share is based on net income divided by the total of the
weighted average number of common shares outstanding during the year, plus the
equivalent shares relating to the assumed exercise of stock options. The
calculation of common shares is as follows:
1993 1992 1991
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Shares outstanding January 1............................... 47,677,922 47,549,892 47,471,399
Stock option -- weighted average exercises................. 14,078 10,923 6,795
Outstanding when market price exceeds exercise price at end
of periods............................................... 999,033 1,055,849 1,161,899
Less shares assumed purchased with proceeds................ (709,285) (736,744) (859,271)
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COMMON AND COMMON EQUIVALENT SHARES........................ 47,981,748 47,879,920 47,780,822
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Net income (in millions)................................... $106.1 103.9 84.3
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Earnings per share......................................... $2.21 2.17 1.76
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