BRE PROPERTIES, INC.
COMPUTATION OF EARNINGS PER SHARE
PRIMARY EARNINGS PER SHARE
On June 8, 1993, the company called for redemption at par all of the 9 1/2%
Convertible Subordinated Debentures due 2008. At July 31, 1992, $46,883,000 had
been outstanding. Of that amount, $46,180,000 converted into shares of common
stock at a price of $31 per share. The remaining $703,000 were redeemed in cash.
These debentures were not common stock equivalents.
For the Year Ended July 31,
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1994 1993 1992
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Shares outstanding at beginning of year 10,912,399 7,920,041 7,912,048
Averaged for dates of issuance, grants,
exercises or conversions:
Public offering, 1,500,000 shares,
March 29, 1993 576,923
Exercisable, in-the-money, stock options 16,586 15,163 1,732
Restricted shares granted, less forfeitures 2,562 1,530 2,030
Shares issued on conversion of debentures 259,856 4,275
Exercise of stock options 1,118 695 61
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Average shares outstanding 10,932,665 8,774,208 7,920,146
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Income before gain on sales of investments $21,756,629 $16,613,020 $14,595,009
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As computed $1.99 $1.89 $1.84
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Net gain on sales of investments $548,334 $9,869,239 $5,696,606
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As computed $.05 $1.13 $.72
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Primary earnings per share amount $2.04 $3.02 $2.56
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BRE PROPERTIES, INC.
COMPUTATION OF EARNINGS PER SHARE (continued)
For the Year Ended July 31,
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1994 1993 1992
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FULLY DILUTED EARNINGS PER SHARE
Shares outstanding at end of year 10,916,483 10,912,399 7,920,041
Exercisable, in-the-money, stock options 16,586 15,163 1,732
Assumed conversion of 9 1/2% Debentures due 2008 1,512,354
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Total Shares 10,933,069 10,927,562 9,434,127
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Income before gain on sales of investments $21,756,629 $16,613,020 $14,595,009
Add interest on 9 1/2% Debentures due 2008 3,472,991 4,498,237
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$21,756,629 $20,086,011 $19,093,246
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As computed $1.99 $1.84 $2.02
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Net gain on sales of investments $548,334 $9,869,239 $5,696,606
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As computed $.05 $.90 $.60
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Fully diluted earnings per share - as computed $2.04 $2.74 $2.62
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Fully diluted earnings per share - as reported $2.04 $2.74 $2.56
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