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EXHIBIT 11.1
CAMDEN PROPERTY TRUST
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except per share amounts)
THREE MONTHS NINE MONTHS ENDED
ENDED SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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SIMPLE EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 30,410 14,604 24,487 14,508
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Simple Earnings Per Share $ 0.27 $ 0.19 $ 0.77 $ 0.31
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PRIMARY EARNINGS PER SHARE
Weighted Average Common Shares Outstanding 30,410 14,604 24,487 14,508
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted and Outstanding 308 91 246 65
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Weighted Average Common Shares Outstanding, as Adjusted 30,718 14,695 24,733 14,573
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Primary Earnings Per Share $ 0.27 $ 0.19 $ 0.76 $ 0.31
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FULLY DILUTED EARNINGS PER SHARE(*)
Weighted Average Common Shares Outstanding 30,410 14,604 24,487 14,508
Shares Issuable from Assumed Conversion of:
Common Share Options and Awards Granted and Outstanding 378 150 337 107
Operating Partnership Units 2,346 1,574
Convertible Subordinated Debentures 294 1,717 580 1,794
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Weighted Average Common Shares Outstanding, as Adjusted 33,428 16,471 26,978 16,409
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Fully Diluted Earnings Per Share $ 0.27 $ 0.22 $ 0.76 $ 0.43
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EARNINGS FOR SIMPLE, PRIMARY AND FULLY
DILUTED COMPUTATION:
Earnings to Common Shareholders (Simple Earnings
Per Share Computation) $ 8,260 $ 2,801 $ 18,753 $ 4,549
Dividends on Convertible Preferred Shares 4
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Earnings (Primary Earnings Per Share Computation) 8,260 2,801 18,753 4,553
Minority Interest in Operating Partnership 612 1,209
Interest on Convertible Subordinated Debentures 130 738 559 2,301
Convertible Subordinated Debenture Cost Amortization 13 77 77 236
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Earnings (Fully Diluted Earnings Per Share Computation) $ 9,015 $ 3,616 $ 20,598 $ 7,090
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* Fully diluted earnings per share of beneficial interest is not dilutive and
is not presented in the Consolidated Statements of Operations.