EX-11 5 f06728exv11.htm EXHIBIT 11 exv11
 

Exhibit 11

Redwood Trust, Inc.
Computation of Per Share Earnings

                         
    Twelve Months     Twelve Months     Twelve Months  
    Ended     Ended     Ended  
    December 31, 2004     December 31, 2003     December 31, 2002  
Basic:
                       
Average common shares outstanding
    21,437,253       17,759,346       15,177,449  
 
                 
Total
    21,437,253       17,759,346       15,177,449  
 
                 
Net Income
  $ 232,634,946     $ 131,698,361     $ 53,441,217  
 
                 
Per Share Amount
  $ 10.85     $ 7.42     $ 3.52  
 
                 
Diluted:
                       
Average common shares outstanding
    21,437,253       17,759,346       15,177,449  
Net effect of dilutive stock options outstanding
during the period — based on the treasury stock method
    791,676       827,303       481,174  
Net effect of preferred stock
          225,517        
 
                 
Total
    22,228,929       18,812,166       15,658,623  
 
                 
Net Income
  $ 232,634,946     $ 131,698,361     $ 53,441,217  
 
                 
Per Share Amount
  $ 10.47     $ 7.04     $ 3.41