CUC International Inc. and Subsidiaries Exhibit 11--Statement Re: Computation of per Share Earnings Year ended January 31, 1997 1996 1995 ---------------------------- (in thousands, except per common share amounts) Primary Average shares outstanding 392,230 367,755 358,127 Net effect of dilutive stock options or stock options exercised during the year-based on the treasury stock method using average market price 12,843 24,452 21,134 ---------------------------- Total 405,073 392,207 379,261 ============================ Net income $164,099 $144,975 $164,057 ============================ Net income per common share $ .405 $ .370 $ .433 ============================ Fully diluted Average shares outstanding 392,230 367,755 358,127 Net effect of dilutive stock options or stock options exercised during the year-based on the treasury stock method using the year-end market price, if higher than average market price or market price at date of exercise 12,994 26,547 23,306 Net effect of zero coupon convertible notes-based on the if converted method 4,297 7,181 9,423 ---------------------------- 409,521 401,483 390,856 ============================ Net income $164,099 $144,975 $164,057 Interest expense: Zero coupon convertible notes 1,288 2,215 3,141 ---------------------------- Net income $165,387 $147,190 $167,198 ============================ Net income per common share $ .404 $ .367 $ .428 ============================