EXHIBIT 11
CENTERPOINT PROPERTIES CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
1997 1996 1997 1996
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Net income (A) $7,143 $2,183 $12,814 $5,811
Interest expense-debentures 248 344 514 769
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Adjusted net income (B) $7,391 $2,527 $13,328 $6,580
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Weighted average number of shares of common
stock outstanding 19,006 11,929 18,190 11,214
Additional number of common equivalent shares
outstanding:
Stock options - net (1) 265 148 266 146
Convertible preferred stock (2) 1,074 1,673
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Weighted average common and common
equivalent shares outstanding (C) 19,271 13,151 18,456 13,033
Additional weighted average shares outstanding
assuming debentures converted at issue price 661 917 685 1,026
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Weighted average shares outstanding for fully-
diluted (D) 19,932 14,068 19,141 14,059
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Net income per share:
Primary (A/C) $0.37 $0.17 $0.69 $0.45
Fully -diluted (3) (B/D) $0.37 $0.18 $0.70 $0.47
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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 upon shareholder approval in May 1996.
(3) Conversion of debentures is anti-dilutive.