EXHIBIT 11.1
REDWOOD TRUST, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Six Months
Ended Ended
June 30, 1999 June 30, 1999
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Basic:
Average common shares outstanding ............................. 10,051,565 10,412,855
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Total 10,051,565 10,412,855
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Net Income $ 2,508,411 $ 8,363,228
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Per Share Amount $ 0.25 $ 0.80
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DILUTED:
Average common shares outstanding ............................. 10,051,565 10,412,855
Net effect of dilutive stock options outstanding
during the period -- based on the treasury stock method ..... 121,395 110,474
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Total 10,172,960 10,523,329
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Net Income $ 2,508,411 $ 8,363,228
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Per Share Amount $ 0.25 $ 0.79
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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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