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EXHIBIT 11.1
CARRIAGE SERVICES, INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED AND IN THOUSANDS, EXCEPT PER SHARE DATA)
Earnings per share for the three and six month periods ended June 30, 2000 and
2001 is calculated based on the weighted average number of common and common
equivalent shares outstanding during the period as prescribed by SFAS 128. The
following table sets forth the computation of the basic and diluted earnings per
share for the three and six month periods ended June 30, 2000 and 2001:
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THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
----------------------------- ---------------------------
2000 2001 2000 2001
-------------- ------------- ------------- ------------
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (770) $ 2,125 $ 988 $ 5,922
Cumulative effect on prior years of the change in
accounting principle -- -- (38,993) --
-------------- ------------- ------------- ------------
Net income (loss) (770) $ 2,125 (38,005) $ 5,922
Preferred stock dividends 20 12 41 32
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Net income (loss) available to common stockholders for
basic EPS computation (790) 2,113 (38,046) 5,890
Effect of dilutive securities -- 12 -- 32
-------------- ------------- ------------- ------------
Net income (loss) available to common stockholders for
diluted EPS computation $ (790) $ 2,125 $ (38,046) $ 5,922
============== ============= ============= ============
Weighted average number of common shares
outstanding for basic EPS computation 16,027 16,592 16,002 16,549
Effect of dilutive securities:
Stock options -- 898 -- 683
Assumed conversion of preferred stock -- 161 -- 293
-------------- ------------- ------------- ------------
Weighted average number of common and common
equivalent shares outstanding for diluted EPS
computation 16,027 17,651 16,002 17,525
============== ============= ============= ============
Basic earnings (loss) per common share:
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (.05) $ .13 $ .06 $ .36
Cumulative effect of the change of accounting
principle, net -- -- (2.44) --
-------------- ------------- ------------- ------------
Net income (loss) $ (.05) $ .13 $ (2.38) $ .36
============== ============= ============= ============
Diluted earnings (loss) per common share:
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (.05) $ .12 $ .06 $ .34
Cumulative effect of the change of accounting
principle, net -- -- (2.44) --
-------------- ------------- ------------- ------------
Net income (loss) $ (.05) $ .12 $ (2.38) $ .34
============== ============= ============= ============
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