1
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,
---------------------------------------------------
1998 1997 1996
----------- ----------- -----------
(in thousands, except shares and per share data)
Income (loss) before net gains on sales of real estate
gains on sales of securities, and income taxes $ 185 $ (420) $ (2,060)
Net gains on sales of real estate 1,043 16,922 40
Gains on sales of securities 0 0 632
Federal and state income taxes (367) (2,714) 0
----------- ----------- -----------
NET INCOME (LOSS) $ 861 $ 13,788 $ (1,388)
=========== =========== ===========
Weighted average number of Shares of Beneficial
Interest outstanding 5,136,616 5,138,247 5,186,099
=========== =========== ===========
Primary net income (loss) per Share:
Income (loss) before net gains on sales of real estate,
gains on sales of securities, income taxes and $ 0.04 $ (0.08) $ (0.40)
Net gains on sales of real estate 0.20 3.29 0.01
Gains on sales of securities 0.00 0.00 0.12
Federal and state income taxes (0.07) (0.53) 0.00
----------- ----------- -----------
NET INCOME (LOSS) PER SHARE $ 0.17 $ 2.68 $ (0.27)
=========== =========== ===========
(1) Per share data is computed using the weighted average number of shares of
Beneficial Interest outstanding.