|
|
|
|
|
|
|
|
|
|
Previous: WESTFIELD AMERICA INC, 10-Q, EX-10.3, 2000-08-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-11.2, 2000-08-14 |
<PAGE>
EXHIBIT 11.1
WESTFIELD AMERICA, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED JUNE 30, 2000
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
DAYS SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
Average share price for three months ended
June 30, 2000 (1) $13.87
BASIC
COMMON SHARES OUTSTANDING:
As of April 1, 2000 73,347 91 73,347
Issued May 15, 2000 7 45 3
---------------
73,350
Net income $15,416
Less dividends on preferred shares:
Series A $2,172
Series B 666
Series C 1,594
Series C-1 531
Series C-2 531
Series D 2,656
Series D-1 531
Series E 1,829 (10,510)
--------------- ---------------
Net income allocable to common shares $4,906
===============
Basic earnings per share amount $0.07
===============
DILUTED
Common shares outstanding: 73,350
1996 Warrants:
As of April 1, 2000 6,246
Series A Preferred Shares (5,871)
---------------
Excess 1996 Warrants (a) 375
---------------
Per Share Price
Average Market Price (b) $13.87
Exercise Price (c) $16.01
Common equivalent shares ((b-c)/a)*b 91 0
1997 Warrants:
As of April 1, 2000 2,090
Series B Preferred Shares (1,800)
---------------
Excess 1997 Warrants (d) 290
---------------
Per Share Price
Average Market Price (b) $13.87
Exercise Price (e) $15.00
Common equivalent shares ((b-e)/d)*b 91 0
</TABLE>
<PAGE>
EXHIBIT 11.1 (CONTINUED)
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
FOR THE THREE MONTHS ENDED JUNE 30, 2000
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
DAYS AVERAGE SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
2000 Warrant:
As of June 1, 2000 2,840
Series F Preferred Shares (2,703)
---------------
Excess 2000 Warrant (h) 137
---------------
Per Share Price
Average market price (b) 13.87
Exercise price (f) 19.42
Common equivalent shares ((b-f/h)*b) 91 0
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount A$ 465,000
Exchange Rate $0.6005 $279,233(g)
Per Share Price
Average Market Price (b) $ 13.87
Common equivalent shares (g*.05)/(b*.95) 1,060 91 1,060
INVESTOR UNIT RIGHTS:
Units Issued 12/9/98 978 91 978
Units Issued 1/1/99 1,186 91 1,186
---------------
Common equivalent shares 2,164
---------------
Weighted average common and common
equivalent shares
76,574
===============
Net income $15,416
Add net income allocable to investor unit rights 101
Less net income allocable to preferred shares (10,510)
---------------
Net income allocable to common shares $5,007
===============
Diluted earnings per share amount $0.07
===============
</TABLE>
Note - The Company's preferred shares were not included in the earnings per
share calculation as their effect is antidilutive.
(1) The share price used for the EPS calculation is based on the average
daily closing market price of the Company's common stock as reported by
the New York Stock Exchange.
|
|