1 EXHIBIT 11.1 DEVELOPERS DIVERSIFIED REALTY CORPORATION Earning per share For the Three Month Periods Ended March 31, 1997 1996 ---- ---- Primary - per APB -15, Interpretation 102 Dividends declared per weighted average share outstanding (24,520,075 shares) $0.64 Dividends declared per weighted average share outstanding (19,704,565 shares) $0.66 Undistributed loss per share: ($1,770,390) divided by (24,520,075) (0.07) ------------ ($5,285,783) divided by 19,704,565 shares (0.27) ------------ Income per share $0.57 $0.39 ============ ============ Undistributed loss: Income available to common shareholders per statement of operations $14,004,076 $7,665,911 Dividends declared (15,774,466) (12,951,694) ------------ ------------ ($1,770,390) ($5,285,783) ============ ============ Fully diluted: Net Income available to common shareholders' $14,004,076 $7,665,911 Plus interest expense of convertible debentures 1,165,000 - ------------ ------------- Net income as adjusted assuming conversion of convertible debentures $15,169,076=$.57 $7,665,911=$0.39 ------------ ------------ Weighted Average Number of Shares and equivalents 26,733,665 19,848,552