1
CITYSCAPE FINANCIAL CORP.
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31,
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1997 1996
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PRIMARY
NET EARNINGS APPLICABLE TO COMMON STOCK $16,794,791 $ 9,273,144
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Weighted average common shares 29,724,252 28,940,960
Adjustment to common shares:
Assume exercise of stock options 1,156,233 864,960
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WEIGHTED AVERAGE PRIMARY SHARES 30,880,485 29,805,920
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EARNINGS PER COMMON SHARE $ 0.54 $ 0.31
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THREE MONTHS ENDED
MARCH 31, 1997
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FULLY DILUTED (1)
Net earnings applicable to common stock $16,794,791
Adjustment to net earnings:
Add: After-tax interest expense from Convertible
Debentures 1,373,290
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ADJUSTED NET EARNINGS APPLICABLE TO COMMON STOCK $18,168,081
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Weighted average common shares 29,724,252
Adjustment to common shares:
Assume conversion of Convertible Debentures 5,474,224
Assume exercise of stock options 1,156,233
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WEIGHTED AVERAGE FULLY DILUTED SHARES 36,354,709
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EARNINGS PER COMMON SHARE $ 0.50
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(1) Fully diluted earnings per share were not presented for the 1996 period
because the Convertible Debentures were not issued until the second
quarter of 1996.