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EXHIBIT 11.1
ESSEX PROPERTY TRUST, INC.
SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands except per share amounts)
Years ended December 31,
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1997 1996 1995
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BASIC:
Net income $ 29,316 $ 8,881 $ 10,604
Less:
Dividends on 8.75% Convertible Preferred Stock, Series 1996A 2,681 635 0
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Net income applicable to common stockholders $ 26,635 $ 8,246 $ 10,604
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Weighted average shares outstanding 13,644,906 7,283,124 6,275,000
Weighted average shares of dilutive stock options using
average stock price under the treasury stock method 0 0 0
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Weighted average shares used in net income per share calculation 13,644,906 7,283,124 6,275,000
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Net income per share $ 1.96 $ 1.13 $ 1.69
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DILUTED:
Adjusted shares - basic, from above 13,644,906 7,283,124 --
Weighted average shares issuable upon conversion of the
8.75% Convertible Preferred Stock, Series 1996A 1,400,235 -- --
Additional weighted average shares of dilutive stock options
using end of period stock price under the treasury stock
method 240,147 64,404 --
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Weighted average number of common shares - assuming full dilution 15,285,288 7,347,528 N/A
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Earnings per common share - assuming full dilution $ 1.92 $ 1.12(1) N/A(2)
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(1) For 1996, the 8.75% Convertible Preferred Stock, Series 1996A were
antidilutive and accordingly, the results of the basic earnings per share
is reported for earnings per common share - assuming full dilution.
(2) Not applicable before 1996. The 8.75% Convertible Preferred Stock, Series
1996A was issued in July, 1996.