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, 1998 and 1997 is calculated based on the weighted average number of common
and common equivalent shares outstanding during the period as prescribed by SFAS
128. The following table sets forth the computation of the basic and diluted
earnings per share for the three and nine month periods ended September 30, 1997
and 1998:
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------- --------------------
1997 1998 1997 1998
-------- -------- -------- --------
Net income before extraordinary item ....... $ 347 $ 1,643 $ 3,661 $ 6,092
Extraordinary item ......................... (195) -- (195) --
-------- -------- -------- --------
Net income ................................. 152 1,643 3,466 6,092
Preferred stock dividends .................. 176 153 713 454
-------- -------- -------- --------
Net income (loss) available to common
stockholders for basic EPS computation .... (24) 1,490 2,753 5,638
Effect of dilutive securities .............. -- -- -- --
-------- -------- -------- --------
Net income (loss) available to common
stockholders for diluted EPS computation .. $ (24) $ 1,490 $ 2,753 $ 5,638
======== ======== ======== ========
Weighted average number of common shares
outstanding for basic EPS computation .... 10,546 14,733 10,040 12,772
Effect of dilutive securities:
Stock options ......................... 295 491 283 426
Assumed conversion of preferred stock . -- -- -- --
-------- -------- -------- --------
Weighted average number of common and common
equivalent shares outstanding for diluted
EPS computation ........................... 10,841 15,224 10,323 13,198
======== ======== ======== ========
Basic earnings per share:
Net income before extraordinary item .. $ .02 $ .10 $ .29 $ .44
Extraordinary item .................... (.02) -- (.02) --
-------- -------- -------- --------
Net income ............................ $ -- $ .10 $ .27 $ .44
======== ======== ======== ========
Diluted earnings per share:
Net income before extraordinary item .. $ .02 $ .10 $ .29 $ .43
Extraordinary item .................... (.02) -- (.02) --
-------- -------- -------- --------
Net income ............................ $ -- $ .10 $ .27 $ .43
======== ======== ======== ========