EXHIBIT 11.1 REDWOOD TRUST, INC. STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Twelve Months Twelve Months Twelve Months Ended Ended Ended December 31, 1997 December 31, 1996 December 31, 1995 ----------------- ----------------- ----------------- Basic: Average common shares outstanding ......................... 13,334,163 7,950,175 3,314,042 ----------- ----------- ----------- Total ............................................... 13,334,163 7,950,175 3,314,042 =========== =========== =========== Net Income ................................................ $24,746,164 $11,537,318 $ 3,154,831 =========== =========== =========== Per Share Amount .......................................... $ 1.86 $ 1.45 $ 0.95 =========== =========== =========== Diluted: Average common shares outstanding ......................... 13,334,163 7,950,175 3,314,042 Net effect of dilutive stock options outstanding during the period -- based on the treasury stock method 191,513 175,391 173,716 Net effect of dilutive stock warrants outstanding during the period -- based on the treasury stock method 154,734 618,618 216,046 ----------- ----------- ----------- Total ............................................... 13,680,410 8,744,184 3,703,804 =========== =========== =========== Net Income ................................................ $24,746,164 $11,537,318 $ 3,154,831 =========== =========== =========== Per Share Amount .......................................... $ 1.81 $ 1.32 $ 0.85 =========== =========== ===========
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