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Previous: WESTFIELD AMERICA INC, 10-Q, EX-11.2, 2000-08-14 |
Next: WESTFIELD AMERICA INC, 10-Q, EX-11.4, 2000-08-14 |
<PAGE>
EXHIBIT 11.3
WESTFIELD AMERICA, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE SIX 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 six months ended
June 30, 2000 (1) $13.36
BASIC
COMMON SHARES OUTSTANDING:
As of January 1, 2000 73,347 182 73,347
Issued May 15, 2000 7 45 2
---------------
73,349
Net income $30,539
Less dividends on preferred shares:
Series A $4,345
Series B 1,332
Series C 3,188
Series C-1 1,063
Series C-2 1,063
Series D 5,313
Series D-1 1,063
Series E 3,653
---------------
(21,020)
---------------
Net income allocable to common shares $9,519
===============
Basic earnings per share amount $0.13
===============
DILUTED
Common shares outstanding: 73,349
1996 Warrants:
As of January 1, 2000 6,246
Series A Preferred Shares (5,871)
---------------
Excess 1996 Warrants (a) 375
---------------
Per Share Price
Average Market Price (b) $13.36
Exercise Price (c) $16.01
Common equivalent shares ((b-c)/a)*b 182 0
1997 Warrants:
As of January 1, 2000 2,090
Series B Preferred Shares (1,800)
---------------
Excess 1997 Warrants (d) 290
---------------
Per Share Price
Average Market Price (b) $13.36
Exercise Price (e) $15.00
Common equivalent shares ((b-e)/d)*b 182 0
</TABLE>
<PAGE>
EXHIBIT 11.3 (CONTINUED)
WESTFIELD AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
WEIGHTED
DAYS AVERAGE SHARES
OUTSTANDING OUTSTANDING
-------------- ---------------
<S> <C> <C> <C> <C>
2000 Warrant:
As of June 1, 2000 2,840
Series F Preferred Shares (2,703)
---------------
Excess 2000 Warrant (h) 137
---------------
Per Share Price
Average Market Price (b) 13.36
Exercise Price (f) 19.42
Common equivalent shares ((b-f/h)*b) 182 0
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount A$ 465,000
Exchange Rate $0.6005 $279,233(g)
Per Share Price
Average Market Price (b) $13.36
Common equivalent shares (g*.05)/(b*.95) 1,100 182 1,100
INVESTOR UNIT RIGHTS:
Units Issued 12/9/98 978 182 978
Units Issued 1/1/99 1,186 182 1,186
---------------
Common equivalent shares 2,164
---------------
Weighted average common and common equivalent shares
76,613
===============
Net income $30,539
Add net income allocable to investor unit rights 166
Less net income allocable to preferred shares (21,020)
---------------
Net income allocable to common shares $9,685
===============
Diluted earnings per share amount $0.13
===============
</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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