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EXHIBIT 11.1
CITYSCAPE FINANCIAL CORP.
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
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1996 1995 1996 1995
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PRIMARY
NET EARNINGS APPLICABLE TO COMMON STOCK $15,866,908 $ 4,361,206 $50,680,882 $11,574,665
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Weighted average common shares 29,640,119 23,164,862 29,404,541 21,242,918
Adjustment to common shares:
Assume exercise of stock options or warrants 1,178,054 2,911,138 1,132,998 2,595,082
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WEIGHTED AVERAGE PRIMARY SHARES 30,818,173 26,076,000 30,537,539 23,838,000
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EARNINGS PER COMMON SHARE $0.51 $0.17 $1.66 $0.49
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THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, 1996 DECEMBER 31, 1996
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FULLY DILUTED(1)
Net earnings applicable to common stock $15,866,908 $50,680,882
Adjustment to net earnings:
Add: After-tax interest expense from
Convertible Debentures 1,435,829 3,540,603
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ADJUSTED NET EARNINGS APPLICABLE TO COMMON STOCK $17,302,737 $54,221,485
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Weighted average common shares 29,640,119 29,404,541
Adjustment to common shares:
Assume conversion of Convertible Debentures 5,475,619 3,575,837
Assume exercise of stock options 1,218,128 1,172,546
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WEIGHTED AVERAGE FULLY DILUTED SHARES 36,333,866 34,152,924
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EARNINGS PER COMMON SHARE $0.48 $1.59
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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.