104 EXHIBIT 11.1 CAMDEN PROPERTY TRUST COMPUTATION OF EARNINGS PER COMMON SHARE Year Ended December 31, ---------------------------------------- 1999 1998 1997 ---------- ---------- ---------- BASIC EARNINGS PER SHARE Weighted average common shares outstanding 41,236 41,174 26,257 ========== ========== ========== Basic earnings per share $ 1.27 $ 1.16 $ 1.46 ========== ========== ========== DILUTED EARNINGS PER SHARE Weighted average common shares outstanding 41,236 41,174 26,257 Shares issuable from assumed conversion of: Common share options and awards granted 431 399 330 Minority interest units 2,624 2,610 1,769 ---------- ---------- ---------- Weighted average common shares outstanding, as adjusted 44,291 44,183 28,356 ========== ========== ========== Diluted earnings per share $ 1.23 $ 1.12 $ 1.41 ========== ========== ========== EARNINGS FOR BASIC AND DILUTED COMPUTATION Net income $ 61,623 $ 57,333 $ 38,438 Less: dividends on preferred shares 9,371 9,371 ---------- ---------- ---------- Net income to common shareholders (basic earnings per share computation) 52,252 47,962 38,438 Dividends on preferred shares Minority interests 2,014 1,322 1,655 ---------- ---------- ---------- Net income to common shareholders, as adjusted (diluted earnings per share computation) $ 54,266 $ 49,284 $ 40,093 ========== ========== ==========