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Previous: WESTFIELD AMERICA INC, 10-Q, EX-2.3, 2000-11-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-11.2, 2000-11-14 |
<PAGE>
EXHIBIT 11.1
WESTFIELD AMERICA, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED SEPTEMBER 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 September 30, 2000 (1) $14.14
BASIC
COMMON SHARES OUTSTANDING:
As of July 1, 2000 73,354 92 73,354
Issued September 18, 2000 1 12 -
---------------
73,354
Net income $13,305
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 $2,795
===============
Basic earnings per share amount $0.04
===============
DILUTED
Common shares outstanding: 73,354
1996 Warrants:
As of July 1, 2000 6,246
Series A Preferred Shares (5,871)
---------------
Excess 1996 Warrants (a) 375
---------------
Per Share Price
Average Market Price (b) $14.14
Exercise Price (c) $16.01
Common equivalent shares ((b-c)/a)*b 92 0
1997 Warrants:
As of July 1, 2000 2,090
Series B Preferred Shares (1,800)
---------------
Excess 1997 Warrants (d) 290
---------------
Per Share Price
Average Market Price (b) $14.14
Exercise Price (e) $15.00
Common equivalent shares ((b-e)/d)*b 92 0
</TABLE>
<PAGE>
EXHIBIT 11.1 (CONTINUED)
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
DAYS SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
2000 Warrants:
As of July 1, 2000 2,840
Series F Preferred Shares (2,703)
---------------
Excess 2000 Warrants (h) 137
---------------
Per Share Price
Average market price (b) $14.14
Exercise price (f) $19.42
Common equivalent shares ((b-f/h)*b) 92 0
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount A$ 465,000
Exchange Rate at September 30, 2000 $0.5450 $ 253,425(g)
Per Share Price
Average Market Price (b) $14.14
Common equivalent shares (g*.05)/(b*.95) 943 92 943
INVESTOR UNIT RIGHTS:
Units Issued 12/9/98 978 92 978
Units Issued 1/1/99 1,186 92 1,186
---------------
Common equivalent shares 2,164
---------------
Weighted average common and common equivalent shares 76,461
===============
Net income $13,305
Add net income allocable to investor unit rights 31
Less net income allocable to preferred shares (10,510)
---------------
Net income allocable to common shares $2,826
===============
Diluted earnings per share amount $0.04
===============
</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.
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