Exhibit 11.1
THE MACERICH COMPANY
Computation of Earnings Per Share
(Amounts in thousands, except per share data)
For the quarter ended For the nine months ended
September 30, September 30,
1997 1996 1997 1996
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Primary
Net income as reported $1,870 $4,659 $14,793 $13,373
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Weighted average number of shares outstanding 25,956 19,993 25,886 19,993
*Incremental shares resulting from stock options
and restricted stock
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Weighted average number of shares of common
stock and equivalents 25,956 19,993 25,886 19,993
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Primary earnings per share $0.07 $0.23 $0.57 $0.67
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Fully Diluted
Net income as reported $1,870 $4,659 $14,793 $13,373
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Weighted average number of shares outstanding 25,956 19,993 25,886 19,993
*Incremental shares resulting from stock options
and restricted stock
------------------ ----------------- ------------------ ----------------
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Weighted average number of shares of common
stock and equivalents 25,956 19,993 25,886 19,993
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Fully diluted earnings per share $0.07 $0.23 $0.57 $0.67
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* Outstanding common stock options, using the Treasury method, have less than a
3% dilutive effect on earnings per share and thus have not been included in this
computation.
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