1 Exhibit 11 BOYKIN LODGING COMPANY COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1997 (amounts in thousands, except per share data) For the Three For the Six Months Ended Months Ended June 30,1997 June 30,1997 ------------ ------------ INCOME: Income before extraordinary item $ 4,373 $ 7,754 Extraordinary loss, net of minority interest - - -------------- ------------- Net Income $ 4,373 $ 7,754 ============== ============= PER SHARE AMOUNTS REPORTED TO SHAREHOLDERS--NOTE 1: Income before extraordinary item $ 0.46 $ 0.81 Extraordinary loss, net of minority interest - - -------------- ------------- Net loss $ 0.46 $ 0.81 ============== ============= PRIMARY: Weighted average shares outstanding 9,516 9,516 Dilutive stock options--Note 2 37 70 -------------- ------------- Totals 9,553 9,586 ============== ============= Per share amounts Income before extraordinary item $ 0.46 0.81 Extraordinary loss, net of minority interest - - -------------- ------------- Net Income $ 0.46 0.81 ============== ============= FULLY DILUTED: Weighted average shares outstanding 9,516 9,516 Dilutive stock options 70 70 -------------- ------------- Totals 9,586 9,586 ============== ============= Per share amounts Income before extraordinary item $ 0.46 $ 0.81 Extraordinary loss, net of min int - - -------------- ------------- Net income $ 0.46 $ 0.81 ============== ============= Note 1 --Per share earnings have been computed and reported to the shareholders pursuant to APB Opinion No. 15, which provides that "any reduction of less than 3% in the aggregate need not be considered as dilution in the computation and presentation of earnings per share data." Note 2-Dilutive stock options are calculated based on the treasury stock method. For primary per share earnings, the average market price per share during the period is used. For fully diluted per share earnings, the period end market price per share, if higher than the average market price, is used.