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Exhibit 11.1
U.S. RESTAURANT PROPERTIES, INC.
EARNINGS PER SHARE COMPUTATION
(IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
--------------------------- ----------------------------
2001 2000 2001 2000
------------ ------------ ------------ ------------
Net income (loss) $ 1,787 $ (1,399) $ (17,792) $ (990)
Dividends on preferred stock (1,775) (1,775) (3,551) (3,551)
------------ ------------ ------------ ------------
Net income (loss) before extraordinary item 12 (3,174) (21,343) (4,541)
Extraordinary item -- -- (340) --
------------ ------------ ------------ ------------
Net income (loss) allocable to common stockholders $ 12 $ (3,174) $ (21,683) $ (4,541)
============ ============ ============ ============
Income (loss) from continuing operations $ 0.00 $ (0.21) $ (1.20) $ (0.30)
Extraordinary item -- -- (0.02) --
------------ ------------ ------------ ------------
Net income (loss) per share allocable to common
stockholders - Basic and Diluted $ 0.00 $ (0.21) $ (1.22) $ (0.30)
============ ============ ============ ============
Weighted average shares outstanding
Basic 17,886 15,373 17,711 15,381
Dilutive effect of outstanding options 39 -- -- --
Dilutive effect of contingent OP units 134 -- -- --
Dilutive effect of guaranteed stock 78 -- -- --
------------ ------------ ------------ ------------
Diluted 18,137 15,373 17,711 15,381
============ ============ ============ ============
</Table>
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