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 ----------------- ----------------- ----------------- Basic: Average common shares outstanding 8,793,487 9,768,345 13,199,819 ------------ ------------ ------------ Total 8,793,487 9,768,345 13,199,819 ============ ============ ============ Net Income $ 16,210,272 $ (1,013,118) $(40,117,961) ============ ============ ============ Per Share Amount $ 1.84 $ (0.10) $ (3.04) ============ ============ ============ 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 -- -- -- ------------ ------------ ------------ Total 8,902,069 9,768,345 13,199,819 ============ ============ ============ Net Income $ 16,210,272 $ (1,013,118) $(40,117,961) ============ ============ ============ Per Share Amount $ 1.82 $ (0.10) $ (3.04) ============ ============ ============