EXHIBIT 11.1
CARRIAGE SERVICES, INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED AND IN THOUSANDS, EXCEPT PER SHARE DATA)
Earnings per share for the three and nine month periods ended September 30,
1997 and 1996 is calculated based on the weighted average number of common and
common equivalent shares outstanding during the period as proscribed by APB 15.
Earnings (loss) per common and common equivalent share for the three and nine
month periods ending September 30, 1996 and 1997 was as follows:
Three months Nine months
ended September 30, ended September 30,
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1996 1997 1996 1997
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Income (loss) before extraordinary item .................. $ (414) $ 347 $(1,075) $ 3,661
Extraordinary item ....................................... (498) (195) (498) (195)
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Net income (loss) ........................................ (912) 152 (1,573) 3,466
Series D preferred stock dividends
(a) ...................................................... 250 29 351 239
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Net income (loss) attributable to
common Stockholders .................................... $(1,162) $ 123 $(1,924) $ 3,227
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Common shares outstanding ................................ 5,920 10,546 3,662 10,039
Common equivalent shares:
Stock options, treasury stock
method .............................................. -- 295 -- 283
Assumed conversion of
preferred stock ..................................... -- 913 -- 1,002
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Total weighted average number of
common and common equivalent
shares outstanding .................................. 5,920 11,754 3,662 11,325
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NET INCOME (LOSS) PER SHARE:
Net income (loss) per common
and common equivalent share before
extraordinary item attributable to
common shareholders ................................. $ (.11) $ .03 $ (.39) $ .31
Extraordinary item per share ........................ $ (.09) $ (.02) $ (.14) $ (.02)
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Net income (loss) per common
and common equivalent share
attributable to common
shareholders .................................... $ (.20) $ .01 $ (.53) $ .29
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(a) The Company's Series F Preferred Stock is considered a common stock
equivalent for purposes of computing earnings per share. Therefore, the
dividends applicable to the Series F Preferred Stock are not reflected in the
net income (loss) attributable to common stockholders.