1 EXHIBIT 11.2 CORPORATE PROPERTY INVESTORS COMPUTATION OF PER SHARE EARNINGS (DOLLARS IN THOUSANDS) (UNAUDITED) FOR THE THREE MONTHS ENDED FOR THE YEAR ENDED MARCH 31, DECEMBER 31, -------------------------- ------------------------ 1998 1997 1997 1996 ---- ---- ---- ---- Basic: Weighted averages shares outstanding................ 25,353,000 26,066,000 25,835,000 22,045,000 Net Income Available to Common Shareholders........ 78,099 148,530 263,499 170,659 Net Income Per Share......... $ 3.08 $ 5.70 $ 10.20 $ 7.74 =========== =========== =========== =========== Diluted: Weighted averages shares outstanding................ 25,353,000 26,066,000 25,835,000 22,045,000 Effect of Dilutive Securities: Convertible Preferred Shares................ 1,505,000 1,505,000 1,505,000 N/A Employee Stock Options............... 237,000 -- 8,000 -- ----------- ----------- ----------- ----------- Total Diluted Shares......... 27,095,000 27,571,000 27,348,000 22,045,000 ----------- ----------- ----------- ----------- Net Income................... 78,099 148,530 263,499 170,659 Effect of Dilutive Securities: Convertible Preferred Shares................ 3,428 3,428 13,712 N/A ----------- ----------- ----------- ----------- 81,527 151,958 277,211 170,659 ----------- ----------- ----------- ----------- Diluted Net Income Per Share...................... $ 3.01 $ 5.51 $ 10.14 $ 7.74 =========== =========== =========== =========== Note: For the year ended December 31, 1996, the Convertible Preferred Shares were antidilutive and therefore not included in the calculation of Diluted Net Income Per Share.