EXHIBIT 11.1
ESSEX PROPERTY TRUST, INC.
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
(In thousands except share and share amounts)
Quarter ended March 31,
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1997 1996
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PRIMARY:
Net income/(loss) $ 4,868 $ (57)
Less:
Dividends on 8.75% Convertible Preferred Stock, Series 1996A 438 0
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Net income/(loss) applicable to common stockholders $ 4,430 $ (57)
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Weighted average shares outstanding 11,594,606 6,275,000
Weighted average shares of dilutive stock options using
average stock price under the treasury stock method 190,346 0
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Weighted average shares used in net income per share calculation 11,784,952 6,275,000
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Net income per share/(loss) $ 0.38 $ (0.01)
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FULLY - DILUTED:
Adjusted shares - primary, from above 11,784,952 -
Weighted average shares issuable upon conversion of the
8.75% Convertible Preferred Stock, Series 1996A 914,286 -
Additional weighted average shares of dilutive stock options
using end of period stock price under the treasury stock method 2,781 -
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Weighted average number of common shares - assuming full dilution 12,702,019 N/A
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Earnings per common share - assuming full dilution $ 0.38 (1) N/A (2)
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(1) For March 1997, the 8.75% Convertible Preferred Stock, Series
1996A were antidilutive and accordingly, the results of the
primary earnings per share is reported for earnings per common
share - assuming full dilution.
(2) The 8.75% Convertible Preferred Stock, Series 1996A was issued in July,
1996.
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