EXHIBIT 11

HILTON HOTELS CORPORATION AND SUBSIDIARIES
Computation of Per Share Earnings

|        |                                   | 2001                                                                                                        |   | 2002        |             | 2003       
|------- | --------------------------------- | ----------------------------------------------------------------------------------------------------------- | - | ----------- | ----------- | -----------
|Basic   |                                   |                                                                                                             |   |             |             |            
|        | Net income (in millions)          |                                                                                                             | $ | 166         |             | 198        
|        | Weighted average common shares    |                                                                                                             |   | 369,026,000 |             | 373,992,000
|        |                                   |                                                                                                             |   |             |             |            
|        | Basic earnings per common share   |                                                                                                             | $ | 0.45        |             | 0.53       
|        |                                   |                                                                                                             |   |             |             |            
|Diluted |                                   |                                                                                                             |   |             |             |            
|        | Income (in millions)              |                                                                                                             |   |             |             |            
|        |                                   | Net income                                                                                                  |   | $           | 166         |            
|        |                                   | Add after tax interest applicable to 5% convertible notes                                                   |   |             | 15          |            
|        |                                   |                                                                                                             |   |             |             |            
|        |                                   | Net income, as adjusted                                                                                     |   | $           | 181         |            
|        | Shares                            |                                                                                                             |   |             |             |            
|        |                                   | Weighted average common sharesbasic                                                                        |   |             | 369,026,000 |            
|        |                                   | Assuming conversion of 5% convertible notes                                                                 |   |             | 22,556,000  |            
|        |                                   | Dilutive effect of assumed option exercises (as determined by the application of the treasury stock method) |   |             | 2,308,000   |            
|        |                                   |                                                                                                             |   |             |             |            
|        |                                   | Common and common equivalent shares as adjusted                                                             |   |             | 393,890,000 |            
|        |                                   |                                                                                                             |   |             |             |            
|        | Diluted earnings per common share |                                                                                                             | $ | 0.46        | [1]         | 0.53       
|        |                                   |                                                                                                             |   |             |             |            

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