1
EXHIBIT 11.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Earnings per Share
For the Three Month Periods Ended September 30,
1996 1995
----------- -------------------------------
Income Before
Extraordinary
Item Net Income
----------- -----------
Primary - per APB - 15,
Interpretation 102
Dividends declared per weighted
average share outstanding
(21,619,082 shares) $0.60
Dividends declared per weighted
average share outstanding
(18,963,600 shares) $0.54 $0.54
Undistributed loss per share:
($3,584,412) divided by
21,619,082 shares (0.17)
-----------
($3,114,795) divided by
18,963,600 shares (0.16)
-----------
($3,114,795) divided by
18,963,600 shares (0.16)
-----------
Income per share $0.43 $0.38 $0.38
=========== =========== ===========
Undistributed loss:
Income available to common
shareholders per statement
of operations $9,376,667 $7,125,816 $7,125,816
Dividends declared (12,961,079) (10,240,611) (10,240,611)
----------- ----------- -----------
($3,584,412) ($3,114,795) ($3,114,795)
=========== =========== ===========
NOTE: Common Stock Equivalents are antidilutive due to undistributed losses
during the period.
Fully diluted:
--------------
Net Income available to common
shareholders'/ $9,376,667 = $.43 $7,125,816 = $0.37 $7,125,816 = $0.37
---------- ---------- ----------
Weighted Average Number of 21,863,509 19,134,772 19,134,772
Shares and equivalents
-26-
2
EXHIBIT 11.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Earnings per Share
For the Nine Month Periods Ended September 30,
1996 1995
------------ -------------------------------
Income Before
Extraordinary
Item Net Income
----------- -----------
Primary - per APB - 15,
Interpretation 102
Dividends declared per weighted
average share outstanding
(20,973,816 shares) $1.85
Dividends declared per weighted
average share outstanding
(18,717,652 shares) $1.64 $1,64
Undistributed loss per share:
($12,272,175) divided by
(20,973,816) shares (0.58)
------------
($10,042,823) divided by
18,717,652 shares (0.54)
------------
(13,599,698) divided by
18,717,652 shares (0.73)
------------
Income per share $1.27 $1.10 $0.91
============ ============ ============
Undistributed loss:
Income available to common
shareholders per statement
of operations $26,596,381 $20,674,605 $17,117,730
Dividends declared (38,868,556) (30,717,428) (30,717,428)
------------ ------------ ------------
($12,272,175) $(10,042,823) $(13,599,698)
============ ============ ============
NOTE: Common Stock Equivalents are antidilutive due to undistributed losses
during the period.
Fully diluted:
--------------
Net Income available to common
shareholders'/ $26,596,381 = $1.25 $20,674,605 = $1.09 $17,117,730 = $0.91
----------- ----------- -----------
Weighted Average Number of 21,205,822 18,886,078 18,886,078
-26-