Exhibit 11.1 Capital Trust and Subsidiaries Form 10-Q Statement Regarding Computation of Earnings (Loss) per Share Six Months Ended June 30, 1998 Six Months Ended June 30, 1997 ----------------------------------------------- ---------------------------------------------- Net Income Shares Per Share Net Loss Shares Per Share Amount Amount ----------------- ----------------------------- ---------------- ----------------- ----------- Basic EPS: Net Income per Class A Common Share $ 6,129,000 18,218,835 $ 0.34 $ (860,000) 9,157,150 $ (0.09) ============ =========== Effect of Dilutive Securities Options outstanding for the purchase of Class A Common Stock - 257,669 - - Convertible Class A Preferred Stock 1,568,000 12,267,658 - - ----------------- ----------------- ---------------- ----------------- Diluted EPS: Net Income per Class A Common Share and Assumed Conversions $ 7,697,000 30,744,162 $ 0.25 $ (860,000) 9,157,150 $ (0.09) ================= ============================= ================ ================= =========== Three Months Ended June 30, 1998 Three Months Ended June 30, 1997 ----------------------------------------------- ---------------------------------------------- Net Income Shares Per Share Net Loss Shares Per Share Amount Amount ----------------- ----------------------------- ---------------- ----------------- ----------- Basic EPS: Net Income per Class A Common Share $ 4,240,000 18,229,650 $ 0.23 $ (352,000) 9,157,150 $ (0.04) ============ =========== Effect of Dilutive Securities Options outstanding for the purchase of Class A Common Stock - 273,259 - - Convertible Class A Preferred Stock 784,000 12,267,658 - - ----------------- ----------------- ---------------- ----------------- Diluted EPS: Net Income per Class A Common Share and Assumed Conversions $ 5,024,000 30,770,567 $ 0.16 $ (352,000) 9,157,150 $ (0.04) ================= =============== ============= ================ ================= ===========