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Previous: WESTFIELD AMERICA INC, 10-Q, EX-11.3, 2000-08-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-12, 2000-08-14 |
<PAGE>
EXHIBIT 11.4
WESTFIELD AMERICA, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE SIX MONTHS ENDED JUNE 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 six months ended
June 30, 1999 (1) $16.00
BASIC
COMMON SHARES OUTSTANDING:
As of January 1, 1999 73,338 182 73,338
Issued on May 13, 1999 7 48 2
---------------
73,340
Net income $21,092
Less dividends on preferred shares:
Series A $4,256
Series B 1,306
Series C 3,188
Series C-1 1,062
Series C-2 1,062
Series D 5,314
Series D-1 1,062
---------------
(17,250)
---------------
Net income allocable to common shares $3,842
===============
Basic earnings per share amount $0.05
===============
DILUTED
Common shares outstanding: 73,340
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) $16.00
Exercise Price (c) $16.01
Common equivalent shares ((b-c)/a)*b 181 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) $16.00
Exercise Price (e) $15.00
Common equivalent shares ((b-e)/d)*b 181 18
</TABLE>
<PAGE>
EXHIBIT 11.4 (CONTINUED)
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
DAYS AVERAGE SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount A$465,000
Exchange Rate $0.6618 $307,737(g)
Per Share Price
Average Market Price (b) $ 16.00
Common equivalent shares (g*.05)/(b*.95) 1,012 181 1,012
---------------
Weighted average common and common equivalent shares
74,370
===============
Net income $21,092
Less net income allocable to preferred shares (17,250)
---------------
Net income allocable to common shares $3,842
===============
Diluted earnings per share amount $0.05
===============
</TABLE>
Note - The Company's preferred shares were not included in the earnings per
share calculation as their effect is antidilutive.
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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