EX-11
PROMUS HOTEL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
THIRD QUARTER ENDED NINE MONTHS ENDED
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SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1997 1996 1997 1996
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Net income.......................................... $ 34,357,000 $ 19,692,000 $ 87,017,000 $ 50,577,000
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Primary Earnings Per Share
Weighted average number of common shares
outstanding....................................... 50,294,492 51,350,171 50,910,974 51,343,581
Common stock equivalents
Additional shares based on average market price
for period applicable to:
Restricted stock............................ 10,890 14,569 8,366 9,936
Stock options............................... 628,047 347,659 521,963 305,717
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Average number of primary common and common
equivalent shares outstanding..................... 50,933,429 51,712,399 51,441,303 51,659,234
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Primary earnings per common and common equivalent
share
Net income...................................... $ 0.67 $ 0.38 $ 1.69 $ 0.98
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Fully Diluted Earnings Per Share
Average number of primary common and common
equivalent shares outstanding..................... 50,933,429 51,712,399 51,441,303 51,659,234
Additional shares based on period-end price
applicable to:
Restricted stock............................ 1,143 -- 3,667 5,985
Stock options............................... 71,495 -- 177,579 28,380
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Average number of fully diluted common and common
equivalent shares outstanding..................... 51,006,067 51,712,399 51,622,549 51,693,599
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Fully Diluted earnings per common and common
equivalent share
Net income...................................... $ 0.67 $ 0.38 $ 1.69 $ 0.98
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