EXHIBIT (11)



                   PHH CORPORATION AND SUBSIDIARIES

       Information Used in the Computation of Net Income Per Share



                                                          Three Months Ended July 31,
(In thousands except per share data)                       1995               1994
                                                                    
NET INCOME - as reported                               $   18,301         $  16,515     

Weighted average number of shares outstanding              16,992            17,268     

Give effect to the exercise of dilutive options
      determined under the treasury stock method              332               137     

Reflect the period-end market price when greater 
     than the average market price during the
     quarter                                                  120                25     

Number of shares used in the computation of net
     income per share                                      17,444            17,430     

NET INCOME PER SHARE                                    $    1.05         $     .95