1
EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Nine Months
Ended Ended
September 30, 1998 September 30, 1998
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BASIC:
Average common shares outstanding ............................. 13,247,908 13,823,020
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Total 13,247,908 13,823,020
============ ============
Net Income ($47,866,200) ($45,907,029)
============ ============
Per Share Amount ($ 3.61) ($ 3.32)
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DILUTED:
Average common shares outstanding ............................. 13,247,908 13,823,020
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ... 63,620 92,624
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Total 13,311,528 13,915,644
============ ============
Net Income ($47,866,200) ($45,907,029)
============ ============
Per Share Amount ($ 3.60) ($ 3.30)
============ ============
77
2
EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Nine Months
Ended Ended
September 30, 1997 September 30, 1997
------------------ ------------------
BASIC:
Average common shares outstanding ............................. 14,316,678 12,983,071
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Total 14,316,678 12,983,071
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Net Income $ 6,859,361 $20,349,907
=========== ===========
Per Share Amount $ 0.48 $ 1.57
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DILUTED:
Average common shares outstanding ............................. 14,316,678 12,983,071
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ... 177,434 243,410
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method ... 130,489 189,551
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Total 14,624,601 13,416,032
=========== ===========
Net Income $ 6,859,361 $20,349,907
=========== ===========
Per Share Amount $ 0.47 $ 1.52
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78