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EXHIBIT 11.1 CITYSCAPE FINANCIAL CORP.
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1996 1995 1996 1995
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PRIMARY
NET EARNINGS APPLICABLE TO COMMON STOCK $11,125,996 $ 2,377,792 $20,399,140 $ 3,427,028
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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
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WEIGHTED AVERAGE PRIMARY SHARES 30,452,048 22,081,628 30,152,067 22,081,628
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EARNINGS PER COMMON SHARE $ 0.37 $ 0.11 $ 0.68 $ 0.16
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THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1996 JUNE 30, 1996
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FULLY DILUTED (1)
Net earnings applicable to common stock $11,125,996 $20,399,140
Adjustment to net earnings:
Add: After-tax interest expense from Convertible
Debentures 800,353 800,353
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ADJUSTED NET EARNINGS APPLICABLE TO COMMON STOCK $11,926,349 $21,199,493
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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
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WEIGHTED AVERAGE PRIMARY SHARES 33,841,939 31,940,693
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EARNINGS PER COMMON SHARE $ 0.35 $ 0.66
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(1) Fully diluted earnings per share were not presented for the 1995 periods
because the Convertible Debentures were not issued until 1996.