1
EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except per share amounts)
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
---------------------- -----------------------
1998 1997 1998 1997
-------- -------- -------- --------
BASIC EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding 44,370 30,410 40,115 24,487
======== ======== ======== ========
Basic Earnings Per Share $ 0.33 $ 0.27 $ 0.83 $ 0.77
======== ======== ======== ========
DILUTED EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding 44,370 30,410 40,115 24,487
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted 387 372 414 304
Minority Interest Units* 2,680 2,346 2,587
-------- -------- -------- --------
Weighted Average Common Shares Outstanding, as Adjusted 47,437 33,128 43,116 24,791
======== ======== ======== ========
Diluted Earnings Per Share $ 0.31 $ 0.27 $ 0.79 $ 0.76
======== ======== ======== ========
EARNINGS FOR BASIC AND DILUTED COMPUTATION:
Net Income $ 16,993 $ 8,260 $ 40,208 $ 18,753
Less: Dividends on Preferred Shares 2,343 7,029
-------- -------- -------- --------
Net Income to Common Shareholders 14,650 8,260 33,179 18,753
(Basic Earnings Per Share Computation)
Minority Interests* 59 612 1,043
-------- -------- -------- --------
Net Income to Common Shareholders, as Adjusted (Diluted
Earnings Per Share Computation) $ 14,709 $ 8,872 $ 34,222 $ 18,753
======== ======== ======== ========
* Minority interest units were antidilutive for the nine months ended September
30, 1997.