Exhibit 11.1
U.S. Restaurant Properties, Inc.
Earnings Per Share Computation
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| Three Months Ended |
| Nine 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 |
| $ | 3,762 |
| $ | (861 | ) | $ | 8,608 |
| $ | (18,618 | ) |
Dividends on preferred stock |
| (1,776 | ) | (1,776 | ) | (5,327 | ) | (5,327 | ) | ||||
Net income (loss) from continuing operations |
| 1,986 |
| (2,637 | ) | 3,281 |
| (23,945 | ) | ||||
Income from discontinued operations |
| 995 |
| 49 |
| 1,367 |
| 14 |
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Extraordinary loss |
| — |
| — |
| — |
| (340 | ) | ||||
Net income (loss) allocable to common stockholders |
| $ | 2,981 |
| $ | (2,588 | ) | $ | 4,648 |
| $ | (24,271 | ) |
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Basic and diluted net income (loss) per share: |
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Income (loss) from continuing operations |
| $ | 0.10 |
| $ | (0.14 | ) | $ | 0.17 |
| $ | (1.34 | ) |
Income (loss) from discontinued operations |
| 0.05 |
| — |
| 0.07 |
| — |
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Extraordinary loss |
| — |
| — |
| — |
| (0.02 | ) | ||||
Net income (loss) per share allocable to common stockholders |
| $ | 0.15 |
| $ | (0.14 | ) | $ | 0.24 |
| $ | (1.36 | ) |
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Weighted average shares outstanding |
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Basic |
| 19,737 |
| 17,964 |
| 19,606 |
| 17,796 |
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Diluted |
| 19,824 |
| 17,964 |
| 19,741 |
| 17,796 |
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