Exhibit 11.1
U.S. Restaurant Properties, Inc.
Earnings Per Share Computation
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| Three Months Ended |
| Six Months Ended |
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(In thousands, except per share amounts) |
| 2002 |
| 2001 |
| 2002 |
| 2001 |
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Net income (loss) from continuing operations before discontinued operations and extraordinary item |
| $ | 1,785 |
| $ | 1,941 |
| $ | 4,427 |
| $ | (17,601 | ) |
Dividends on preferred stock |
| (1,775 | ) | (1,775 | ) | (3,551 | ) | (3,551 | ) | ||||
Net income (loss) from continuing operations |
| 10 |
| 166 |
| 876 |
| (21,152 | ) | ||||
Income (loss) from discontinued operations |
| (517 | ) | (154 | ) | 791 |
| (191 | ) | ||||
Extraordinary loss |
| — |
| — |
| — |
| (340 | ) | ||||
Net income (loss) allocable to common stockholders |
| $ | (507 | ) | $ | 12 |
| $ | 1,667 |
| $ | (21,683 | ) |
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Basic and diluted net income (loss) per share: |
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Income (loss) from continuing operations |
| $ | — |
| $ | 0.01 |
| $ | 0.04 |
| $ | (1.19 | ) |
Income (loss) from discontinued operations |
| (0.03 | ) | (0.01 | ) | 0.04 |
| (0.01 | ) | ||||
Extraordinary loss |
| — |
| — |
| — |
| (0.02 | ) | ||||
Net income (loss) per share allocable to common stockholders |
| $ | (0.03 | ) | $ | — |
| $ | 0.08 |
| $ | (1.22 | ) |
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Weighted average shares outstanding |
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Basic |
| 19,561 |
| 17,886 |
| 19,540 |
| 17,711 |
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Diluted |
| 19,794 |
| 18,137 |
| 19,766 |
| 17,711 |
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