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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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1997 1996 1997 1996
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PRIMARY
NET EARNINGS APPLICABLE TO COMMON STOCK $ 2,944,603 $11,125,996 $19,739,394 $20,399,140
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Weighted average common shares 30,718,839 29,399,898 30,224,293 29,170,432
Adjustment to common shares:
Assume exercise of stock options 992,568 1,052,150 1,038,522 981,635
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WEIGHTED AVERAGE PRIMARY SHARES 31,711,407 30,452,048 31,262,815 30,152,067
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EARNINGS PER COMMON SHARE $ 0.09 $ 0.37 $ 0.63 $ 0.68
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THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1997 (1) 1996 1997 1996
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FULLY DILUTED
Net earnings applicable to common stock $11,125,996 $19,739,394 $20,399,140
Adjustment to net earnings:
Add: After-tax interest expense from Convertible
Debentures 800,353 2,675,284 800,353
Preferred Stock dividends - 1,066,874 -
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ADJUSTED NET EARNINGS APPLICABLE TO COMMON STOCK $11,926,349 $23,481,552 $21,199,493
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Weighted average common shares 29,399,898 30,224,293 29,170,432
Adjustment to common shares:
Assume conversion of Convertible Debentures 3,309,786 5,471,237 1,654,892
Assume conversion of Convertible Preferred Stock - 1,456,600 -
Assume exercise of stock options 1,132,255 818,536 1,115,369
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WEIGHTED AVERAGE FULLY DILUTED SHARES 33,841,939 37,970,666 31,940,693
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EARNINGS PER COMMON SHARE N/A (1) $ 0.35 $ 0.62 $ 0.66
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(1) Because the effect of the convertible preferred stock and convertible
subordinated debentures was antidilutive, fully diluted earnings per
share is not applicable.