EX-11.1 3 a05-12504_1ex11d1.htm EX-11.1

EXHIBIT 11.1

 

CARRIAGE SERVICES, INC.

COMPUTATION OF PER SHARE EARNINGS

(unaudited and in thousands, except per share data)

 

Earnings per share for the three and six month periods ended June 30, 2004 and 2005 is calculated based on the weighted average number of common and common equivalent shares outstanding during the periods as prescribed by SFAS 128. The following table sets forth the computation of the basic and diluted earnings per share for the three and six month periods ended June 30, 2004 and 2005:

 

 

 

Three months
ended March 31,

 

Six months
ended June 30,

 

 

 

2004

 

2005

 

2004

 

2005

 

Income (loss) from continuing operations available to common stockholders

 

$

1,639

 

$

238

 

$

4,571

 

$

(922

)

Income from discontinued operations available to common stockholders

 

(2,097

)

(7

)

(1,977

)

350

 

Change in accounting method

 

—

 

—

 

—

 

(22,756

)

Effect of dilutive securities

 

—

 

—

 

—

 

—

 

Net income available to common stockholders

 

$

(458

)

$

231

 

$

2,594

 

$

(23,328

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding for basic EPS computation

 

17,764

 

18,325

 

17,710

 

18,227

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock options

 

494

 

501

 

489

 

—

 

Weighted average number of common and common equivalent shares outstanding for diluted EPS computation

 

18,258

 

18,826

 

18,199

 

18,227

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.09

 

$

0.01

 

$

0.26

 

$

(0.05

)

Discontinued operations

 

$

(0.12

)

$

—

 

$

(0.11

)

$

0.02

 

Cumulative effect of change in accounting method

 

$

—

 

$

—

 

$

—

 

$

(1.26

)

Net income (loss)

 

$

(0.03

)

$

0.01

 

$

0.15

 

$

(1.29

)

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share:

 

$

0.09

 

$

0.01

 

$

0.25

 

$

(0.05

)

Continuing operations

 

 

 

 

 

 

 

 

 

Discontinued operations

 

$

(0.12

)

$

0.00

 

$

(0.11

)

$

0.02

 

Cumulative effect of change in accounting method

 

$

—

 

$

—

 

$

—

 

$

(1.26

)

Net income (loss)

 

$

(0.03

)

$

0.01

 

$

0.14

 

$

(1.29

)

 

Options to purchase $0.1 million and $1.4 million shares were not included in the computation of diluted earnings per share for the three and six month periods, respectively ending June 30, 2005, because the effect would be antidilutive.  Options to purchase 0.2 million shares were not included in the computation of diluted earnings per share for the periods ending June 30, 2004, because the effect would be antidilutive.

 

The convertible junior subordinated debenture is convertible into 4.6 million shares of common stock and is not included in the computation of diluted earnings per share because the effect would be antidilutive.