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EXHIBIT 11.1
ESSEX PORTFOLIO, L.P.
STATEMENT OF COMPUTATION OF EARNINGS PER UNIT
(Dollars in thousands except per unit amounts)
Quarter ended June 30, Six months ended June 30,
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1998 1997 1998 1997
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BASIC:
Net income $ 9,884 $ 7,114 $ 19,430 $ 12,762
Less:
Distributions on Preferred Interest for 8.75% Series 1996A
Convertible Preferred Stock (875) (491) (1,750) (929)
Distributions on 7.875% Series B Cumulative Redeemable
Preferred Units (1,492) 0 (2,214) 0
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Net income applicable to general and limited partners $ 7,517 $ 6,623 $ 15,466 $ 11,833
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Weighted average number of units outstanding
during the period 18,506,034 15,393,186 18,498,886 14,426,765
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Net income per partnership unit $ 0.41 $ 0.43 $ 0.84 $ 0.82
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DILUTED:
Adjusted units - basic, from above 18,506,034 15,393,186 18,498,886 14,426,765
Additional weighted average units of dilutive stock options
using the average stock price under the treasury stock
method 215,269 190,608 227,574 193,153
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Weighted average number of units outstanding
during the period 18,721,303 15,583,794 18,726,460 14,619,918
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Net income per partnership unit $ 0.40 $ 0.42 $ 0.83 $ 0.81
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(1) In accordance with Statement of Accounting Standards Board No. 128,
the additional weighted average units issuable upon conversion of the
8.75% Convertible Preferred Stock, Series 1996A is not included as
the effect would be anti-dilutive.