1
EXHIBIT 11.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Earnings per Share
For the Three Month Periods Ended June 30,
1996 1995
-------------- -------------------------------------
Income Before
Extraordinary
Item Net Income
------------- -------------
Primary - per APB - 15,
Interpretation 102
Dividends declared per weighted
average share outstanding
(21,590,710 shares) $0.60
Dividends declared per weighted
average share outstanding
(18,960,071 shares) $0.54 $0.54
Undistributed loss per share:
($3,401,980) divided by
21,590,710 shares (0.16)
-------------
($3,123,057) divided by
18,960,071 shares (0.16)
-------------
($6,428,615) divided by
18,960,071 shares (0.34)
-------------
Income per share $0.44 $0.38 $0.20
============= ============= =============
Undistributed loss:
Income available to common
shareholders per statement of
operations $9,553,803 $7,116,812 $3,811,254
Dividends declared (12,955,783) (10,239,869) (10,239,869)
------------- ------------- -------------
($3,401,980) ($3,123,057) $(6,428,615)
============= ============= =============
NOTE: Common Stock Equivalents are antidilutive due to undistributed losses during the period.
Fully diluted:
--------------
Net Income available to common
shareholders' / $9,553,803 = $0.44 $ 7,116,812 = $0.37 $3,811,254 = $0.20
------------- ------------- -------------
Weighted Average Number of 21,810,845 19,078,316 19,078,316
Shares and equivalents
-27-
2
EXHIBIT 11.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Earnings per Share
For the Six Month Periods Ended June 30,
1996 1995
-------------- -------------------------------------
Income Before
Extraordinary
ItemS Net Income
------------- -------------
Primary - per APB - 15,
Interpretation 102
Dividends declared per weighted
average share outstanding
(20,647,638 shares) $1.25
Dividends declared per weighted
average share outstanding
(18,608,698) $1.10 $1.10
Undistributed loss per share:
($8,687,763) divided by
20,647,638 shares (0.42)
-------------
($6,928,028) divided by
18,608,698 shares (0.37)
-------------
(10,484,903) divided by
18,608,698 shares (0.56)
-------------
Income per share $0.83 $0.73 $0.54
============= ============= =============
Undistributed loss:
Income available to common
shareholders per statement of
operations $17,219,714 $13,548,789 $9,991,914
Dividends declared (25,907,477) (20,476,817) (20,476,817)
------------- ------------- -------------
($8,687,763) $(6,928,028) $(10,484,903)
============= ============= =============
NOTE: Common Stock Equivalents are antidilutive due to undistributed losses during the period.
Fully diluted:
--------------
Net Income available to common
shareholders'/ $17,219,714 = $0.83 $13,548,789 = $0.72 $9,991,914 = $0.53
------------- ------------- -------------
Weighted Average Number of 20,866,828 18,725,519 18,725,519
Shares and equivalents