Exhibit 11.1 Statement re Computation of Basic and Diluted Net Income
per Share
Basic and diluted net income per share is calculated as follows:
Year Ended December 31, 1995: Number of Weighted
Date shares Average
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Shares outstanding 1/1/95 (1) 1/1/95 14,174,881 14,174,881
Shares issued 2/15/95 242,235 212,288
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Weighted average shares outstanding for the period 14,387,169
Net income for the period (thousands) $
8,765
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Basic and diluted net income per share (2) $
0.61
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Year ended December 31, 1996: Number of Weighted
Date shares Average
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Shares outstanding 1/1/96 (1) 1/1/96 14,417,116 14,417,116
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Weighted average shares outstanding for the period 14,417,116
Net income for the period (thousands) $ 12,676
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Basic and diluted net income per share (2) $ 0.88
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Year ended December 31, 1997: Number of Weighted
Date shares Average
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Shares outstanding 1/1/97 (1) 1/1/97 14,417,116 14,417,116
Shares issued 8/15/97 2,745,000 1,040,687
Over-allotment shares issued 9/5/97 431,250 138,616
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Weighted average shares outstanding for the period 15,596,419
Net income for the period (thousands) $ 20,609
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Basic and diluted net income per share (2) $ 1.32
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(1)Includes outstanding shares of Trendwest Resorts only and assumes the
5,193,693 shares issued in conjunction with the consolidation transaction
described in Note 2 to the combined and consolidated financial statements had
been outstanding for all periods presented.
(2) There are no dilutive securities for the periods presented.