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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 nine month periods ended September 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 nine month periods ended
September 30, 2000 and 2001:
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THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
---------------------------- ---------------------------
2000 2001 2000 2001
------------ ------------ ------------ ------------
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (12,290) $ 543 $ (11,300) $ 6,466
Cumulative effect on prior years of the change in
accounting principle, net of income tax benefit -- -- (38,993) --
------------ ------------ ------------ ------------
Net income (loss) $ (12,290) $ 543 $ (50,293) $ 6,466
Preferred stock dividends 20 3 61 35
------------ ------------ ------------ ------------
Net income (loss) available to common stockholders for
basic EPS computation $ (12,310) $ 540 $ (50,354) $ 6,431
Effect of dilutive securities -- 3 -- 35
------------ ------------ ------------ ------------
Net income (loss) available to common stockholders for
diluted EPS computation $ (12,310) $ 543 $ (50,354) $ 6,466
============ ============ ============ ============
Weighted average number of common shares outstanding for
basic EPS computation 16,084 16,699 16,030 16,600
Effect of dilutive securities:
Stock options -- 1,125 -- 833
Assumed conversion of preferred stock -- 27 -- 215
------------ ------------ ------------ ------------
Weighted average number of common and common equivalent
shares outstanding for diluted EPS computation 16,084 17,851 16,030 17,648
============ ============ ============ ============
Basic earnings (loss) per common share:
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (.77) $ .03 $ (.70) $ .39
Cumulative effect of the change of accounting
principle, net -- -- (2.44) --
------------ ------------ ------------ ------------
Net income (loss) $ (.77) $ .03 $ (3.14) $ .39
============ ============ ============ ============
Diluted earnings (loss) per common share:
Net income (loss) before cumulative effect on prior
years of the change in accounting principle $ (.77) $ .03 $ (.70) $ .37
Cumulative effect of the change of accounting
principle, net -- -- (2.44) --
------------ ------------ ------------ ------------
Net income (loss) $ (.77) $ .03 $ (3.14) $ .37
============ ============ ============ ============
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