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EXHIBIT 11.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF NET INCOME PER COMMON AND
COMMON EQUIVALENT SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1993 1992 1991
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SIMPLE EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding.................. 24,211 17,503 16,580
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Simple Earnings Per Share................................ $ 1.50 $ 1.15 $ 1.08
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PRIMARY EARNINGS PER SHARE (NOTE A):
Weighted Average Common Shares Outstanding.................. 24,211 17,503 16,580
Shares Issuable from Assumed Conversion of Common Share
Options Granted and Outstanding.......................... 77 50 59
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Weighted Average Common Shares Outstanding, as
Adjusted............................................... 24,288 17,553 16,639
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Primary Earnings Per Share.......................... $ 1.49 $ 1.14 $ 1.08
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FULLY DILUTED EARNINGS PER SHARE (NOTE B):
Weighted Average Common Shares Outstanding.................. 24,211 17,503 16,580
Shares Issuable from Assumed Conversion of:
Common Share Options Granted and Outstanding............. 77 73 59
Convertible Debentures................................... 1,153 3,961 4,063
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Weighted Average Common Shares Outstanding, as Adjusted..... 25,441 21,537 20,702
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Fully Diluted Earnings Per Share.................... $ 1.55 $ 1.40 $ 1.37
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EARNINGS FOR SIMPLE, PRIMARY AND
FULLY DILUTED COMPUTATION:
Earnings (Simple and Primary Earnings Per Share
Computation)............................................. $36,249 $20,081 $17,958
Interest on Convertible Debentures.......................... 3,120 10,131 10,391
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Earnings (Fully Diluted Earnings Per Share Computation)..... $39,369 $30,212 $28,349
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Note A: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
Note B: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.