CUC International Inc. and Subsidiaries
Exhibit 11--Statement Re: Computation of per Share Earnings
Year ended January 31,
1997 1996 1995
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(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
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Total 405,073 392,207 379,261
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Net income $164,099 $144,975 $164,057
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Net income per common share $ .405 $ .370 $ .433
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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
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409,521 401,483 390,856
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Net income $164,099 $144,975 $164,057
Interest expense:
Zero coupon convertible notes 1,288 2,215 3,141
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Net income $165,387 $147,190 $167,198
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Net income per common share $ .404 $ .367 $ .428
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