EXHIBIT 11
CENTERPOINT PROPERTIES CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
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1996 1995 1996 1995
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Net income (A) $2,183,405 $1,810,784 $5,810,710 $3,294,125
Interest expense-debentures 343,729 910,445 769,610 1,801,107
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Adjusted net income (B) $2,527,134 $2,721,229 $6,580,320 $5,095,232
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Weighted average number of shares of common stock outstanding 12,929,116 9,019,528 11,214,259 8,655,603
Additional number of common equivalent shares outstanding:
Stock options - net (1) 148,195 59,318 145,710 58,293
Convertible preferred stock (2) 1,073,926 1,673,326
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Weighted average common and common equivalent shares
outstanding (C) 13,151,237 9,078,846 13,033,295 8,713,896
Additional weighted average shares outstanding assuming
debentures converted at issue price 916,520 2,394,698 1,026,044 2,401,235
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Weighted average shares outstanding for fully-diluted (D) 14,067,757 11,473,544 14,059,339 11,115,131
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Net income per share:
Primary (A/C) $0.17 $0.20 $0.45 $0.38
Fully -diluted (3) (B/D) $0.18 $0.24 $0.47 $0.46
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Notes:
(1) Represents stock options using the treasury stock method.
(2) Represents convertible preferred stock as if converted on a share for
share basis; prorated for the days the convertible preferred stock was
outstanding. The convertible preferred stock is considered a common
stock equivalent as it participates in dividends with common stock and
was converted into common stock with shareholder approval.
(3) Conversion of debentures is anti-dilutive.