MGI PROPERTIES
PART I - EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
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Three Months Ended May 31, Six Months Ended May 31,
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2000 1999 2000 1999
<S> <C> <C> <C> <C>
BASIC
Net income $ 2,866,000 $ 6,797,000 $ 4,043,000 $14,234,000
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Weighted average number of shares outstanding during the period 13,774,221 13,774,221 13,774,221 13,772,628
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Basic earnings per share $ 0.21 $ 0.49 $ 0.29 $ 1.03
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DILUTED EARNINGS PER SHARE
Net income $ 2,866,000 $ 6,797,000 $ 4,043,000 $14,234,000
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Weighted average number of shares outstanding assuming full dilution 15,286,458 14,189,075 15,285,027 14,200,040
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Diluted earnings per share $ 0.19 $ 0.48 $ 0.26 $ 1.00
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</TABLE>
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