EXHIBIT 11
HOME PROPERTIES OF NEW YORK, INC.
COMPUTATION OF PER SHARE EARNINGS SCHEDULE
(In Thousands, Except Shares and Per Share Data)
Years Ended
--------------------------
08/04/94
December 31, December 31, Through
1996 1995 12/31/94
Primary Shares
Outstanding:
Weighted average number of 5,601,027 5,408,474 5,408,230
shares outstanding
Net effect of dilutive 31,097 - -
stock options (1) --------- --------- ---------
TOTAL 5,632,124 5,408,474 5,408,230
========= ========= =========
Fully-diluted Shares
Outstanding:
Weighted average number of
shares outstanding 5,601,027 5,408,474 5,408,230
Net effect of dilutive 105,617 - -
stock options(1) --------- --------- ---------
TOTAL 5,706,644 5,408,474 5,408,230
========= ========= =========
Income before $4,147 $4,045 $2,385
extraordinary item
Extraordinary item - (1,249) (2,498)
--------- --------- ---------
Net income (loss) $4,147 $2,796 ($113)
========= ========= =========
Primary Earnings Per Share
(2):
Income before $.74 $.75 $.44
extraordinary item
Extraordinary item - ($.23) ($.46)
--------- --------- ---------
Net income (loss) $.74 $.52 ($.02)
========= ========= =========
Fully-diluted Earnings Per
Share (3):
Income before $.73 $.75 $.44
extraordinary item
Extraordinary item - ($.23) ($.46)
--------- --------- ---------
Net income (loss) $.73 $.52 ($.02)
========= ========= =========
(1) The net effect is based upon the treasury stock method using
average market prices during the periods presented for the
primary amounts, and the higher of the average market prices
or the market price at year-end for the fully-diluted
amounts.
(2) Primary earnings per share for the years presented have been
reported on the Company's financial statements based only
upon the shares of common stock outstanding, since the
dilutive effect of the stock options is not considered to be
material.
(3) Since fully-diluted earnings per share are not materially
dilutive, such amounts were not presented in the Company's
financial statements.