EXHIBIT 11.1
REDWOOD TRUST, INC.
Statement Re: Computation of Per Share Earnings
Twelve Months Twelve Months Twelve Months
Ended Ended Ended
December 31, 2000 December 31, 1999 December 31, 1998
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Basic:
Average common shares outstanding 8,793,487 9,768,345 13,199,819
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Total 8,793,487 9,768,345 13,199,819
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Net Income $ 16,210,272 $ (1,013,118) $(40,117,961)
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Per Share Amount $ 1.84 $ (0.10) $ (3.04)
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Diluted:
Average common shares outstanding 8,793,487 9,768,345 13,199,819
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method 108,582 -- --
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method -- -- --
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Total 8,902,069 9,768,345 13,199,819
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Net Income $ 16,210,272 $ (1,013,118) $(40,117,961)
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Per Share Amount $ 1.82 $ (0.10) $ (3.04)
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