BRE PROPERTIES, INC. - -------------------------------------------------------------------------------- EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE - -------------------------------------------------------------------------------- STATEMENT OF EARNINGS PER SHARE Average shares outstanding are computed by adding the shares outstanding at each month end and dividing that result by the number of months elapsed in the year-to-date period. For the three months ended October 31 -------------------------- Computation: 1995 1994 ---- ---- Shares outstanding at beginning of year 10,962,065 10,916,483 Averaged for dates of grants or exercises: Exercisable, in-the-money, stock options 15,168 8,736 Restricted shares granted, less forfeitures 2,100 6,750 Exercise of stock options 4,500 ---------- ---------- Average shares outstanding 10,983,833 10,931,969 ---------- ---------- ---------- ---------- Net income before gain (loss) on sales of investments $5,900,285 $5,457,158 ---------- ---------- ---------- ---------- Computation $ .54 $.50 ---------- ---------- ---------- ---------- Net gain (loss) on sales of investments $ (899,258) -- ---------- ---------- ---------- ---------- Computation $(.08) -- ---------- ---------- ---------- ---------- PRIMARY EARNINGS PER SHARE $ .46 $.50 ---------- ---------- ---------- ---------- 15 BRE PROPERTIES, INC. - -------------------------------------------------------------------------------- EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE (Continued) - -------------------------------------------------------------------------------- For the three Months Ended October 31 -------------------------- FULLY DILUTED EARNINGS PER SHARE 1995 1994 ---- ---- Shares outstanding at end of period 10,970,865 10,925,493 Exercisable, in-the-money stock options 15,168 8,736 ---------- ---------- Total Shares 10,986,033 10,934,229 ---------- ---------- ---------- ---------- Income before gain on sales of investments $5,900,285 $5,457,158 ---------- ---------- ---------- ---------- As computed $ .54 $.50 ---------- ---------- ---------- ---------- Net gain (loss) on sales of investments $ (899,258) -- ---------- ---------- ---------- ---------- As computed $(.08) -- ---------- ---------- ---------- ---------- Fully diluted earnings per share $ .46 $.50 ---------- ---------- ---------- ---------- 16