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EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
Year Ended December 31,
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1998 1997 1996
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BASIC EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 41,174 26,257 14,849
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Basic Earnings Per Share $ 1.16 $ 1.46 $ 0.59
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DILUTED EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 41,174 26,257 14,849
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted 399 330 130
Minority Interest Units 2,610 1,769
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Weighted Average Common Shares Outstanding, as Adjusted 44,183 28,356 14,979
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Diluted Earnings Per Share $ 1.12 $ 1.41 $ 0.58
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EARNINGS FOR BASIC AND DILUTED COMPUTATION
Net Income $ 57,333 $ 38,438 $ 8,713
Less: Dividends on Preferred Shares 9,371 4
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Net Income to Common Shareholders (Basic Earnings Per Share
Computation) 47,962 38,438 8,709
Dividends on Preferred Shares 4
Minority Interests 1,322 1,655
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Net Income to Common Shareholders, as Adjusted (Diluted
Earnings Per Share Computation) $ 49,284 $ 40,093 $ 8,713
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