COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
EXHIBIT 11.1 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year ended
February
28(29),
1994 1993 1992
PRIMARY
Net earnings $179,460 $140,073 $60,196
Preferred stock dividend requirement (732) (3,482) (3,800)
Net earnings applicable to common stock $178,728 $136,591 $56,396
Average shares outstanding 88,792 80,678 61,461
Net effect of dilutive stock options -
based on the treasury stock
method using average market price 1,709 1,836 2,339
Total average shares 90,501 82,514 63,800
Per share amount $1.97 $1.65 $0.89
FULLY DILUTED
Net earnings $179,460 $140,073 $60,196
Add 7% convertible subordinated
debentures interest, net of
income taxes - - 161
Net earnings applicable to common stock $179,460 $140,073 $60,357
Average shares outstanding 88,792 80,677 61,461
Net effect of dilutive stock options -
based on the treasury stock
method using the year-end market
price, if higher than
average market price 1,709 2,387 2,646
Assumed conversion of 7% convertible 770
subordinated debentures - -
Assumed conversion of convertible
preferred shares 1,944 9,150 10,057
Total average shares 92,445 92,214 74,934
Per share amount $1.94 $1.52 $0.81