GRUBB & ELLIS COMPANY AND SUBSIDIARIES
EXHIBIT (11) STATEMENT RE COMPUTATION OF
PER SHARE EARNINGS - FORM 10-Q
for the three and six months periods ended
December 31, 1996 and 1995
(Unaudited)
(in thousands, except for shares and per share amounts)
Three Months Six Months
Ended December 31, Ended December 31,
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1996 1995 1996 1995
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Primary income per share applicable
to Common Stock:
Weighted average common
shares and equivalents outstanding 13,334,656 8,827,675 12,669,232 8,850,416
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Net income $ 8,723 $ 5,332 $ 10,019 $ 5,928
Earnings applicable to Preferred Stock (636) (723) (1,431) (1,446)
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Net income applicable to Common
Stockholders $ 8,087 $ 4,609 $ 8,588 $ 4,482
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Net income per common shares and equivalents
applicable to Common Stock -
From operations $ .35 $ .42 $ .43 $ .42
From extraordinary gain .27 - .28 -
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$ .62 $ .42 $ .71 $ .42
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Fully-diluted income per share applicable
to Common Stock:
Weighted average common shares and
equivalents outstanding 17,343,642 8,827,675 17,366,724 8,850,416
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Net income applicable to Common
Stockholders $ 8,087 $ 4,609 $ 8,588 $ 4,482
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Net income per common share and equivalents
applicable to Common Stock -
From operations $ .30 $ .32 $ .37 $ .36
From extraordinary gain .20 - .21 -
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$ .50 $ .32 $ .58 $ .36
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