1
Exhibit 11.1
CITYSCAPE FINANCIAL CORP.
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------- -----------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
PRIMARY
NET EARNINGS APPLICABLE TO COMMON STOCK $ 8,331,856 $ 2,377,792 $17,605,000 $ 3,427,028
=========== =========== =========== ===========
Weighted average common shares 29,399,898 20,216,504 29,170,432 20,216,504
Adjustment to common shares:
Assume exercise of stock options or warrants 1,052,150 1,865,124 981,635 1,865,124
----------- ----------- ----------- -----------
WEIGHTED AVERAGE PRIMARY SHARES 30,452,048 22,081,628 30,152,067 22,081,628
=========== =========== =========== ===========
EARNINGS PER COMMON SHARE $ 0.27 $ 0.11 $ 0.58 $ 0.16
=========== =========== =========== ===========
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1996 JUNE 30, 1996
------------- -------------
FULLY DILUTED (1)
Net earnings applicable to common stock $ 8,331,856 $17,605,000
Adjustment to net earnings:
Add: After-tax interest expense from Convertible
Debentures 800,353 800,353
----------- -----------
ADJUSTED NET EARNINGS APPLICABLE TO COMMON STOCK $ 9,132,209 $18,405,353
=========== ===========
Weighted average common shares 29,399,898 29,170,432
Adjustment to common shares:
Assume conversion of Convertible Debentures 3,309,786 1,654,892
Assume exercise of stock options 1,132,255 1,115,369
----------- -----------
WEIGHTED AVERAGE PRIMARY SHARES 33,841,939 31,940,693
=========== ===========
EARNINGS PER COMMON SHARE $ 0.27 $ 0.58
=========== ===========
(1) Fully diluted earnings per share were not presented for the 1995 periods
because the Convertible Debentures were not issued until 1996.