EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Six Months
Ended Ended
June 30, 1996 June 30, 1996
-------------- -------------
PRIMARY:
Average common shares outstanding ............................. 7,813,974 6,667,675
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method.... 182,832 182,865
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method.... 603,425 603,428
---------- ----------
Total 8,600,232 7,453,969
========== ==========
Net Income $2,499,891 $4,454,079
========== ==========
Per Share Amount $ 0.29 $ 0.60
========== ==========
FULLY DILUTED:
Average common shares outstanding ............................. 7,813,974 6,667,675
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method.... 202,936 202,850
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method.... 773,057 773,061
---------- ----------
Total 8,789,968 7,643,586
========== ==========
Net Income $2,499,891 $4,454,079
========== ==========
Per Share Amount $ 0.28 $ 0.58
========== ==========
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EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Six Months
Ended Ended
June 30, 1995 June 30, 1995
------------- -------------
PRIMARY:
Average common shares outstanding ............................. 208,332 208,332
Average preferred shares outstanding (A) ...................... 1,666,063 1,666,063
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method.... 188,699 186,753
---------- ----------
Total 2,063,094 2,061,148
========== ==========
Net Income $ 449,642 $ 851,319
========== ==========
Per Share Amount $ 0.22 $ 0.41
========== ==========
FULLY DILUTED:
Average common shares outstanding ............................. 208,332 208,332
Average preferred shares outstanding (A) ...................... 1,666,063 1,666,063
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method.... 188,699 186,753
---------- ----------
Total 2,063,094 2,061,148
========== ==========
Net Income $ 449,642 $ 851,319
========== ==========
Per Share Amount $ 0.22 $ 0.41
========== ==========
(A) Preferred shares considered common stock equivalents for all periods as
there is no stated yield and there is an automatic conversion feature to
convert the preferred to common with no additional proceeds to the
company.
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