EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Six Months
Ended Ended
June 30, 1998 June 30, 1998
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BASIC:
Average common shares outstanding ............................. 14,106,828 14,115,342
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Total 14,106,828 14,115,342
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Net Income $ (491,212) $ 1,959,171
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Per Share Amount $ (0.03) $ 0.14
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DILUTED:
Average common shares outstanding ............................. 14,106,828 14,115,342
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ... 149,030 253,274
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Total 14,255,858 14,368,616
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Net Income $ (491,212) $ 1,959,171
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Per Share Amount $ (0.03) $ 0.14
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70
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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BASIC:
Average common shares outstanding ............................... 12,997,566 12,305,215
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Total 12,997,566 12,305,215
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Net Income $ 7,034,308 $13,490,546
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Per Share Amount $ 0.54 $ 1.10
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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 ..... 291,228 274,793
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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