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EXHIBIT 11.1
ESSEX PROPERTY TRUST, INC.
STATEMENTS OF COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands except per share amounts)
Three months ended September 30, Nine months ended September 30,
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1998 1997 1998 1997
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BASIC:
Net income $ 6,678 $ 10,967 $ 22,151 $ 22,089
Less:
Dividends on 8.75% Convertible Preferred Stock,
Series 1996A (875) (875) (2,625) (1,805)
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Net income applicable to common stockholders $ 5,803 $ 10,092 $ 19,526 $ 20,284
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Weighted average number of shares outstanding
during the period 16,635,228 13,915,790 16,628,721 13,024,696
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Net income per share $ 0.35 $ 0.73 $ 1.17 $ 1.56
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DILUTED:
Adjusted shares - basic, from above 16,635,228 13,915,790 16,628,721 13,024,696
Additional weighted average shares of dilutive
stock options using the average stock price
under the treasury stock method 186,193 217,565 186,159 205,689
Additional weighted average shares of common
stock issuable upon conversion of 8.75%
Convertible Preferred Stock, Series 1996A -- 1,828,572 -- 1,255,887
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Weighted average number of shares outstanding
during the period 16,821,421 15,961,927 16,814,880 14,486,272
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Net income per share $ 0.34 $ 0.69 $ 1.16 $ 1.52
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(1) In accordance with Statement of Accounting Standards Board No. 128, the
conversion of all of the outstanding operating partnership interests in
the Operating Partnership into shares of Essex's Common Stock is not
included as the effect would be anti-dilutive.
(2) In accordance with Statement of Accounting Standards Board No. 128, the
additional weighted average shares issuable upon conversion of the 8.75%
Convertible Preferred Stock, Series 1996A is not included for the three
and nine months ended September 30, 1998 as the effect would be
anti-dilutive.
(3) In accordance with Statement of Accounting Standards Board No. 128,
preferred dividends were included in the numerator of net income per
share for the three and nine months ended September 30, 1997 as the
additional weighted average shares issuable upon conversion of the 8.75%
Convertible Preferred Stock was dilutive.