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EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except per share amounts)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
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1997 1996 1997 1996
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SIMPLE EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 26,432 14,463 21,476 14,460
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Simple Earnings Per Share $ 0.24 $ 0.24 $ 0.49 $ 0.12
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PRIMARY EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 26,432 14,463 21,476 14,460
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted and Outstanding 231 48 211 52
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Weighted Average Common Shares Outstanding, as Adjusted 26,663 14,511 21,687 14,512
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Primary Earnings Per Share $ 0.24 $ 0.24 $ 0.48 $ 0.12
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FULLY DILUTED EARNINGS PER SHARE(*)
Weighted Average Common Shares Outstanding 26,432 14,463 21,476 14,460
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted and Outstanding 370 88 306 85
Operating Partnership Units 2,349 1,180
Convertible Subordinated Debentures 482 1,830 727 1,833
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Weighted Average Common Shares Outstanding, as Adjusted 29,633 16,381 23,689 16,378
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Fully Diluted Earnings Per Share $ 0.24 $ 0.26 $ 0.49 $ 0.21
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EARNINGS FOR SIMPLE, PRIMARY AND FULLY
DILUTED COMPUTATION:
Earnings to Common Shareholders (Simple Earnings
Per Share Computation) $ 6,429 $ 3,498 $ 10,493 $ 1,748
Dividends on Convertible Preferred Shares 4
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Earnings (Primary Earnings Per Share Computation) 6,429 3,498 10,493 1,752
Minority Interest in Operating Partnership 597 597
Interest on Convertible Subordinated Debentures 133 756 429 1,563
Convertible Subordinated Debenture Cost Amortization 22 80 64 159
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Earnings (Fully Diluted Earnings Per Share Computation) $ 7,181 $ 4,334 $ 11,583 $ 3,474
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* Fully diluted earnings per share of beneficial interest is not dilutive
and is not presented in the Consolidated Statement of Operations.