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Exhibit 11.1
COMPUTATION OF PER COMMON SHARE EARNINGS
1996 1995 1994
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Earnings Per Share - Primary:
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Weighted average of common
shares outstanding: 14,311,752 12,031,043 10,876,620
Common share equivalents;
options and warrants: 51,765 53,262 6,108
Common share equivalents; Excel
Realty Partners, L.P. units: 175,482 - -
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Weighted average of common
shares and common share
equivalents outstanding: 14,538,999 12,084,305 10,882,728
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Net Income: $ 23,796,000 $ 18,192,000 $ 13,792,000
Adjustments to net income for
common share equivalents: (285,000) - -
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Adjusted net income for earnings
per share calculation: $ 23,511,000 $ 18,192,000 $ 13,792,000
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Earnings per share $ 1.62 $ 1.51 $ 1.27
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Note: The fully dilutive calculation for earnings per share is not
significantly different from the primary calculation above.