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EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except per share amounts)
Three Months Six Months
Ended June 30, Ended June 30,
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1999 1998 1999 1998
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BASIC EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding 40,939 44,370 41,668 40,115
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Basic Earnings Per Share $ 0.33 $ 0.33 $ 0.96 $ 0.83
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DILUTED EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding 40,939 44,370 41,668 40,115
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted 452 387 414 414
Minority Interest Units 634 2,680 2,646 2,587
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Weighted Average Common Shares Outstanding, as Adjusted 42,025 47,437 44,728 43,116
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Diluted Earnings Per Share $ 0.32 $ 0.31 $ 0.94 $ 0.79
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EARNINGS FOR BASIC AND DILUTED COMPUTATION:
Net Income $ 15,878 $ 16,993 $ 47,108 $ 40,208
Less: Preferred Share Dividends 2,343 2,343 7,029 7,029
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Net Income to Common Shareholders 13,535 14,650 40,079 33,179
(Basic Earnings Per Share Computation)
Minority Interest 59 1,850 1,043
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Net Income to Common Shareholders, as Adjusted
(Diluted Earnings Per Share Calculation) $ 13,535 $ 14,709 $ 41,929 $ 34,222
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