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<PAGE> 1
EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Nine Months
Ended Ended
September 30, September 30,
2000 2000
------------- -------------
<S> <C> <C>
BASIC:
Average common shares outstanding ............................... 8,789,966 8,788,127
----------- -----------
Total ..................................................... 8,789,966 8,788,127
=========== ===========
Net Income ...................................................... $ 4,878,324 $11,248,733
=========== ===========
Per Share Amount ................................................ $ 0.55 $ 1.28
=========== ===========
DILUTED:
Average common shares outstanding ............................... 8,789,966 8,788,127
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ..... 118,433 90,252
----------- -----------
Total ..................................................... 8,908,399 8,878,379
=========== ===========
Net Income ...................................................... $ 4,878,324 $11,248,733
=========== ===========
Per Share Amount ................................................ $ 0.55 $ 1.27
=========== ===========
</TABLE>
<PAGE> 2
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Nine Months
Ended Ended
September 30, September 30,
1999 1999
------------- -------------
<S> <C> <C>
BASIC:
Average common shares outstanding ............................... 9,481,418 10,090,305
----------- -----------
Total ..................................................... 9,481,418 10,090,305
=========== ===========
Net Income ...................................................... ($3,738,178) $ 4,625,047
=========== ===========
Per Share Amount ................................................ $ (0.39) $ 0.46
=========== ===========
DILUTED:
Average common shares outstanding ............................... 9,481,418 10,090,305
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ..... 89,513 99,320
----------- -----------
Total ..................................................... 9,570,931 10,189,625
=========== ===========
Net Income ...................................................... ($3,738,178) $ 4,625,047
=========== ===========
Per Share Amount ................................................ $ (0.39) $ 0.45
=========== ===========
</TABLE>
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