EXHIBIT 11
AMERICAN ASSET ADVISERS TRUST, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND SEPTEMBER 30, 1995
Quarter Year to Date
1996 1995 1996 1995
PRIMARY EARNINGS PER SHARE:
Weighted average number of shares of
common stock outstanding 1,081,306 706,417 1,028,815 632,763
Additional shares assuming exercise of
stock warrants (1) 0 0 0 0
Total weighted average common and
common equivalent shares outstanding 1,081,306 706,417 1,028,815 632,763
Net income (loss) $ 138,397 $ (70,420) $ 391,212 $ 56,766
Earnings per common and common
equivalent share $ 0.13 $ (0.10) $ 0.38 $ 0.09
FULLY DILUTED EARNINGS PER SHARE:
Weighted average number of shares of
common stock outstanding 1,081,306 706,417 1,028,815 632,763
Additional shares assuming exercise of
stock warrants 279,369 208,972 279,369 186,122
Total weighted average common and
common equivalent shares outstanding 1,360,675 915,389 1,308,184 818,885
Net income (2) $ 167,710 $ (43,643) $ 489,842 $ 133,239
Earnings per common and common
equivalent share $ 0.12 $ (0.05) $ 0.37 $ 0.16
(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
$ 29,313 $ 26,774 $ 98,630 $ 76,473
16