EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
<CAPTIONS>
(In thousands, except per share amounts)
For the Year Ended
December 31,
--------------------------
1996 1995 1994
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SIMPLE EARNINGS PER SHARE
Weighted Average Common
Shares Outstanding 14,849 14,325 12,188
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Simple Earnings Per Share $0.59 $0.86 $0.78
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PRIMARY EARNINGS PER SHARE
Weighted Average Common
Shares Outstanding 14,849 14,325 12,188
Shares Issuable from Assumed
Conversion of:
Common Share Options and
Awards Granted and
Outstanding 91 14 38
Convertible Preferred Shares - 85 85
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Weighted Average Common Shares
Outstanding, as Adjusted 14,940 14,424 12,311
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Primary Earnings Per Share $0.58 $0.85 $0.77
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FULLY DILUTED EARNINGS PER SHARE <F1>
Weighted Average Common Shares
Outstanding 14,849 14,325 12,188
Shares Issuable from Assumed
Conversion of:
Common Share Options and
Awards Granted and
Outstanding 140 36 38
Convertible Preferred Shares - 85 85
Convertible Subordinated
Debentures 1,693 1,881 1,896
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Weighted Average Common Shares
Outstanding, as Adjusted 16,682 16,327 14,207
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Fully Diluted Earnings
Per Share $0.71 $0.98 $0.89
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EARNINGS FOR SIMPLE, PRIMARY AND
FULLY DILUTED COMPUTATION:
Earnings to Common Shareholders
(Simple Earnings Per Share
Computation) $8,709 $12,291 $ 9,502
Dividends on Convertible Preferred
Shares 4 39 20
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Earnings (Primary Earnings Per
Share Computation) 8,713 12,330 9,522
Interest on Convertible
Subordinated Debentures 2,809 3,297 2,843
Convertible Subordinated Debenture
Cost Amortization 295 334 333
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Earnings (Fully Diluted Earnings
Per Share Computation) $11,817 $15,961 $12,698
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<FN>
<F1> Fully diluted earnings per share of beneficial interest is
not dilutive and is not presented in the Consolidated
Statements of Operations.
</FN>