BRE PROPERTIES, INC.
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EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
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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 For the six months ended
January 31 January 31
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Computation: 1996 1995 1996 1995
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Shares outstanding at
beginning of year 10,962,065 10,916,483 10,962,065 10,916,483
Averaged for dates of grants
or exercises:
Exercisable, in-the-money,
stock options 26,187 8,581 26,187 8,581
Restricted shares granted,
less forfeitures 2,800 9,000 2,400 7,714
Exercise of stock options 6,000 5,142
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Average shares outstanding 10,997,052 10,934,064 10,995,794 10,932,778
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Net income before gain (loss)
on sales of investments $6,578,846 $5,942,169 $12,479,131 $11,399,328
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Computation $.60 $.55 $1.13 $1.05
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Net gain (loss) on sales of
investments ----- $1,249,762 $ (899,258) $1,249,762
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Computation ----- $.11 $ (.08) $.11
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PRIMARY EARNINGS
PER SHARE $.60 $.66 $1.05 $1.16
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BRE PROPERTIES, INC.
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EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE (Continued)
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For the three months ended For the six months ended
January 31 January 31
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1996 1995 1996 1995
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FULLY DILUTED EARNINGS PER SHARE
Shares outstanding at
end of period 10,970,865 10,925,483 10,970,865 10,925,483
Exercisable, in-the-money
stock options 26,187 8,581 26,187 8,581
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Total shares 10,997,052 10,934,064 10,997,052 10,934,064
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Income before gain on sales of
investments $6,578,846 $5,942,169 $12,479,131 $11,399,328
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As computed $.60 $.55 $1.13 $1.05
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Net gain (loss) on sales of
investments -------- $1,249,762 $ (899,258) $ 1,249,762
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As computed -------- $.11 $(. 08) $.11
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Fully diluted earnings
per share $.60 $.66 $1.05 $1.16
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