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, 1996
1992 1993 1994 1995 1996
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Shares outstanding at beginning of year 17,341,364 21,716,911 27,830,631 27,863,741 28,222,639
Weighted average number of shares
issued during the year 910,631 1,064,574 14,151 119,439 297,539
Weighted average number of shares
acquired during the year (2,689) -- (441) -- --
Dilutive effect of outstanding options and
warrants (as determined by the application
of the Treasury Stock Method) -- -- -- -- --
Weighted average number of shares --------------------------------------------------------------------------------
outstanding, as adjusted 18,249,306 22,781,485 27,844,341 27,983,180 28,520,128
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Income before gain on sale of investment
properties (000's) $ 9,069 $10,038 $20,539 $24,480 $28,212
Gain on sale of investment properties, net of
applicable income tax provision (000's) 6,644 1,927 6,356 1,862 12,804
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Net income (000's) $15,713 $11,965 $26,895 $26,342 $41,016
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Net income per share $ .86 $ .53 $ .97 $ .94 $ 1.44
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