EXHIBIT 11.1
U.S. RESTAURANT PROPERTIES, INC.
EARNINGS PER SHARE RATIO
(IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
Net income (loss) $ (812) $ 1,413 $(18,604) $ 423
Dividends on preferred stock (1,776) (1,776) (5,327) (5,327)
-------- -------- -------- --------
Net loss before extraordinary item (2,588) (363) (23,931) (4,904)
Extraordinary item -- -- (340) --
-------- -------- -------- --------
Net loss allocable to common stockholders $ (2,588) $ (363) $(24,271) $ (4,904)
======== ======== ======== ========
Net loss per share from continuing operations $ (0.14) $ (0.02) $ (1.34) $ (0.32)
Extraordinary item -- -- (0.02) --
-------- -------- -------- --------
Net loss per share allocable to common
stockholders - Basic and Diluted $ (0.14) $ (0.02) $ (1.36) $ (0.32)
======== ======== ======== ========
Weighted average shares outstanding
Basic and diluted 17,964 15,378 17,796 15,380
======== ======== ======== ========
</Table>