1
Exhibit 11.1
CITYSCAPE FINANCIAL CORP.
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------ -------------------------------
1996 1995 1996 1995
------------- ------------ ------------- -------------
PRIMARY
Net earnings applicable to common stock $14,414,837 $ 3,786,431 $34,813,977 $ 7,213,459
=========== =========== =========== ===========
Weighted average common shares 29,632,093 20,251,368 29,325,440 20,251,368
Adjustment to common shares:
Assume exercise of stock options or warrants 1,281,976 2,165,224 1,105,159 2,165,224
----------- ----------- ----------- -----------
Weighted average primary shares 30,914,069 22,416,592 30,430,599 22,416,592
=========== =========== =========== ===========
EARNINGS PER COMMON SHARE $ 0.47 $ 0.17 $ 1.14 $ 0.32
=========== =========== =========== ===========
Three Months Ended Nine Months Ended
September 30, 1996 September 30, 1996
------------------ ------------------
FULLY DILUTED (1)
Net earnings applicable to common stock $14,414,837 $34,813,977
Adjustment to net earnings:
Add: After-tax interest expense from Convertible
Debentures 1,333,408 2,137,965
----------- -----------
Adjusted net earnings applicable to common stock $15,748,245 $36,951,942
=========== ===========
Weighted average common shares 29,632,093 29,325,440
Adjustment to common shares:
Assume conversion of Convertible Debentures 5,476,190 2,937,956
Assume exercise of stock options 1,281,976 1,160,502
----------- -----------
Weighted average fully diluted shares 36,390,259 33,423,898
=========== ===========
EARNINGS PER COMMON SHARE $ 0.43 $ 1.11
=========== ===========
(1) Fully diluted earnings per share were not presented for the 1995
periods because the Convertible Debentures were not issued until 1996.