EXHIBIT 11
COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
COMPUTATION OF WEIGHTED AVERAGE NUMBER OF
SHARES OF COMMON STOCK USED TO COMPUTE
PRIMARY AND FULLY DILUTED INCOME PER SHARE
FOR THE FIVE YEARS ENDED DECEMBER 31, 1995
1991 1992 1993 1994 1995
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Shares outstanding at beginning of year ....... 17,337,364 17,341,364 21,716,911 27,830,631 27,863,741
Weighted average number of shares
issued during the year .................... 3,235 910,631 1,064,574 14,151 119,439
Weighted average number of shares
acquired during the year .................. (195) (2,689) -- (441) --
Dilutive effect of outstanding options and
warrants (as determined by the application
of the Treasury Stock Method) ............. -- -- -- -- --
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Weighted average number of shares
outstanding, as adjusted .................. 17,340,404 18,249,306 22,781,485 27,844,341 27,983,180
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Income from operations before gain on sale
of investment properties (000's) .......... $ 9,108 $ 9,069 $ 10,038 $ 20,539 $ 24,480
Gain on sale of investment properties, net of
applicable income tax provision (000's) ... -- 6,644 1,927 6,356 1,862
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Net income (000's) ............................ $ 9,108 $ 15,713 $ 11,965 $ 26,895 $ 26,342
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Income per share:
From operations before gain on
sale of investment properties .......... $ .53 $ .50 $ .44 $ .74 $ .87
From gain on sale of investment properties,
net of applicable income tax provision . -- .36 .09 .23 .07
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Net income per share ...................... $ .53 $ .86 $ .53 $ .97 $ .94
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