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Previous: WESTFIELD AMERICA INC, 10-Q, EX-11.3, 2000-11-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-12, 2000-11-14 |
<PAGE>
EXHIBIT 11.4
WESTFIELD AMERICA, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
DAYS SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
Average share price for nine months ended
September 30, 1999 (1) $15.65
BASIC
COMMON SHARES OUTSTANDING:
As of January 1, 1999 73,338 273 73,338
Issued on May 13, 1999 7 140 4
Issued on September 17, 1999 1 13 -
---------------
73,342
Net income $34,648
Less dividends on preferred shares:
Series A $6,384
Series B 1,959
Series C 4,782
Series C-1 1,593
Series C-2 1,593
Series D 7,971
Series D-1 1,593
Series E 934 (26,809)
--------------- ---------------
Net income allocable to common shares $7,839
===============
Basic earnings per share amount $0.11
===============
DILUTED
Common shares outstanding: 73,342
1996 Warrants:
As of January 1, 1999 6,246
Series A Preferred Shares (5,871)
---------------
Excess 1996 Warrants (a) 375
---------------
Per Share Price
Average Market Price (b) $15.65
Exercise Price (c) $16.01
Common equivalent shares ((b-c)/a)*b 273 0
1997 Warrants:
As of January 1, 1999 2,090
Series B Preferred Shares (1,800)
---------------
Excess 1997 Warrants (d) 290
---------------
Per Share Price
Average Market Price (b) $15.65
Exercise Price (e) $15.00
Common equivalent shares ((b-e)/d)*b 273 12
</TABLE>
<PAGE>
EXHIBIT 11.4(CONTINUED)
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
DAYS SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount A$465,000
Exchange Rate at September 30, 1999 $0.6520 $303,180(g)
Per Share Price
Average Market Price (b) $15.65
Common equivalent shares (g*.05)/(b*.95) 1,019 273 1,019
---------------
Weighted average common and common equivalent shares 74,373
===============
Net income $34,648
Less net income allocable to preferred shares (26,809)
---------------
Net income allocable to common shares $7,839
===============
Diluted earnings per share amount $0.11
===============
</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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