EXHIBIT 11
AMERICAN ASSET ADVISERS TRUST, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND JUNE 30, 1995
Quarter Year to Date
1996 1995 1996 1995
PRIMARY EARNINGS PER SHARE:
Weighted average number of shares of
common stock outstanding 1,028,253 633,601 1,002,281 595,936
Additional shares assuming exercise of
stock warrants (1) 0 0 0 0
Total weighted average common and
common equivalent shares outstanding 1,028,253 633,601 1,002,281 595,936
Net income $ 135,379 $ 67,135 $ 252,815 $ 127,186
Earnings per common and common
equivalent share $ 0.13 $ 0.10 $ 0.25 $ 0.21
FULLY DILUTED EARNINGS PER SHARE:
Weighted average number of shares of
common stock outstanding 1,028,253 633,601 1,002,281 595,936
Additional shares assuming exercise of
stock warrants 312,476 186,874 299,490 174,698
Total weighted average common and
common equivalent shares outstanding 1,340,729 820,475 1,301,771 770,634
Net income (2) $ 168,462 $ 91,252 $ 322,132 $ 176,885
Earnings per common and common
equivalent share $ 0.13 $ 0.11 $ 0.25 $ 0.23
(1) Not applicable in 1996 or 1995 as computations of primary earnings per share exclude common stock equivalents
for any period in which their inclusion would increase the income per share amount otherwise computed.
(2) Includes adjustment for additional interest income from assumed net proceeds from exercise of warrants using
Modified Treasury Stock Method as follows:
Quarter Year to Date
1996 1995 1996 1995
$ 33,083 $ 24,117 $ 69,317 $ 49,699