EXHIBIT 11.1
REDWOOD TRUST, INC
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Six Months
Ended Ended
June 30, 1997 June 30, 1997
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PRIMARY:
Average common shares outstanding ............................... 12,997,566 12,305,215
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ..... 291,228 274,793
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method ..... 182,137 220,952
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Total 13,470,930 12,800,960
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Net Income $ 7,034,308 $ 13,490,546
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Per Share Amount $ 0.52 $ 1.05
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FULLY DILUTED:
Average common shares outstanding ............................... 12,997,566 12,305,215
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ..... 291,228 278,601
Net effect of dilutive stock warrants outstanding
during the period -- based on the treasury stock method ..... 182,137 222,077
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Total 13,470,930 12,805,892
============= =============
Net Income $ 7,034,308 $ 13,490,546
============= =============
Per Share Amount $ 0.52 $ 1.05
============= =============
71
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
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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
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Total 8,789,968 7,643,586
============ ============
Net Income $ 2,499,891 $ 4,454,079
============ ============
Per Share Amount $ 0.28 $ 0.58
============ ============
72