EXHIBIT 11
HOME PROPERTIES OF NEW YORK, INC.
COMPUTATION OF PER SHARE EARNINGS SCHEDULE
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(In Thousands, Except Shares and Per Share Data)
1997 1996 1995
Income before extraordinary item $7,427 $4,147 $4,045
Extraordinary item (1,037) - (1,249)
Net income $6,390 $4,147 $2,796
The above income figures are the same for both the basic and diluted
calculation.
1997 1996 1995
Basic weighted average number of
shares outstanding 7,415,888 5,601,027 5,408,474
Effect of dilutive stock options 142,279 31,977 -
Diluted weighted average number of
shares outstanding 7,558,167 5,633,004 5,408,474
Basic earnings per share data:
Income before extraordinary item $1.00 $ .74 $.75
Extraordinary item ($.14) $ - ($.23)
Net income $.86 $.74 $.52
Diluted earnings per share data:
Income before extraordinary item $.98 $ .74 $.75
Extraordinary item ($.14) $ - ($.23)
Net income $.84 $.74 $.52
The Company has adopted Statement of Financial Accounting Standards (SFAS) No.
128, "Earnings per Share", which was issued by the Financial Accounting
Standards Board in February, 1997. SFAS No. 128 requires dual presentation of
basic earnings per share (EPS) and diluted EPS on the face of all statements of
earnings for periods ending after December 15, 1997. Basic EPS is computed as
net income divided by the weighted average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur
from common shares issuable through stock-based compensation including stock
options. The exchange of an Operating Partnership Unit for common stock will
have no effect on diluted EPS as unitholders and stockholders effectively share
equally in the net income of the Operating Partnership. Reported EPS in prior
periods have been restated to conform with the provisions of SFAS No. 128.