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EXHIBIT 11
EXHIBIT
COMPUTATION OF NET INCOME (LOSS) PER SHARE OF BENEFICIAL INTEREST
CLEVETRUST REALTY INVESTORS
PRIMARY NET INCOME (LOSS) PER SHARE (1)
Year Ended September 30,
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1997 1996 1995
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(in thousands, except shares and per share data)
Income (loss) before net gains on sales of real estate
gains on sales of securities, income taxes and
extraordinary items $ (420) $ (2,060) $ 596
Net gains on sales of real estate 16,922 40 2,499
Gains on sales of securities 0 632 0
Federal and state income taxes (2,714) 0 0
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS 13,788 (1,388) 3,095
Extraordinary items 0 0 790
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NET INCOME (LOSS) $ 13,788 $ (1,388) $ 3,885
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Weighted average number of Shares of Beneficial
Interest outstanding 5,138,247 5,186,099 5,459,377
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Primary net income (loss) per Share:
Income (loss) before net gains on sales of real estate,
gains on sales of securities, income taxes and
extraordinary items $ (0.08) $ (0.40) $ 0.11
Net gains on sales of real estate 3.29 0.01 0.46
Gains on sales of securities 0.00 0.12 0.00
Federal and state income taxes (0.53) 0.00 0.00
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS 2.68 (0.27) 0.57
Extraordinary items 0.00 0.00 0.14
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NET INCOME (LOSS) PER SHARE $ 2.68 $ (0.27) $ 0.71
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(1) Per share data is computed using the weighted average number of shares of
Beneficial Interest outstanding. For 1995, the exercise of the outstanding
stock options would have a dilutive effect of less than 3%.