<PAGE>


                                                                    EXHIBIT 11.2


                    WESTFIELD AMERICA, INC. AND SUBSIDIARIES
                        COMPUTATION OF PER SHARE EARNINGS
                      FOR THE YEAR ENDED DECEMBER 31, 1998
            (IN THOUSANDS, EXCEPT SHARE PRICE AND PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                                                                WEIGHTED
                                                                                                                AVERAGE
                                                                                              DAYS               SHARES
                                                                                           OUTSTANDING        OUTSTANDING
                                                                                          --------------     ---------------
<S>                                                        <C>                <C>                   <C>            <C>
Average share price for year ended December 31,
1998(1)                                                                       $17.44

BASIC

COMMON SHARES OUTSTANDING:
---------------------------
As of January 1, 1998                                      73,329                                   365              73,330
Issued on May 13, 1998                                          7                                   233                   4
Issued on September 17, 1998                                    1                                   106                   -
                                                                                                             ---------------
                                                                                                                     73,334

Net income Less dividends on preferred shares:                                                                     $106,188
   Series A                                                                   $8,337
   Series B                                                                    2,556
   Series C                                                                    2,480
   Series C-1                                                                     53
   Series C-2                                                                     12
   Series D                                                                    4,134
   Series D-1                                                                     47                                (17,619)
                                                                      ---------------                        ---------------

Net income allocable to common shares                                                                               $88,569
                                                                                                             ===============

Basic earnings per share amount                                                                                       $1.21
                                                                                                             ===============

DILUTED

COMMON SHARES OUTSTANDING:                                                                                           73,334

1996 WARRANTS:
As of January 1, 1998                                       6,246
Series A Preferred Shares                                  (5,871)
                                                   ---------------

   Excess 1996 Warrants (a)                                   375
                                                   ===============
Per Share Price
   Average Market Price (b)                                                   $17.44
   Exercise Price (c)                                                         $16.01
Common equivalent shares ((b-c)/a)*b                                                                365                  31

1997 WARRANTS:
As of January 1, 1998                                       2,090
Series B Preferred Shares                                  (1,800)
                                                   ---------------

   Excess 1997 Warrants (d)                                   290
                                                   ===============
Per Share Price
   Average Market Price (b)                                                   $17.44
   Exercise Price (e)                                                         $15.00
Common equivalent shares ((b-e)/d)*b                                                                365                  41

</TABLE>
<PAGE>


                                                        EXHIBIT 11.2 (CONTINUED)


                    WESTFIELD AMERICA, INC. AND SUBSIDIARIES
                        COMPUTATION OF PER SHARE EARNINGS
                      FOR THE YEAR ENDED DECEMBER 31, 1998
            (IN THOUSANDS, EXCEPT SHARE PRICE AND PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                                                                 WEIGHTED
                                                                                                                 AVERAGE
                                                                                                DAYS              SHARES
                                                                                            OUTSTANDING        OUTSTANDING
                                                                                           ---------------    ---------------
<S>                                                       <C>                 <C>                     <C>           <C>
1998 SUBSCRIPTION AGREEMENT:
Subscription agreement amount                             465,000
Exchange rate                                              0.6475             301,088 (g)
Per Share Price
   Average market price (f)                                                     $17.19
Common equivalent shares (g*.05)/(f*.95)                                       921,856                196                495
                                                                                                              ---------------

Weighted average common and common
   equivalent shares                                                                                                  73,901
                                                                                                              ===============

Net income                                                                                                          $106,188
Less net income allocable to preferred shares                                                                        (17,619)
                                                                                                              ---------------

Net income allocable to common shares                                                                                $88,569
                                                                                                              ===============

Diluted earnings per share amount                                                                                      $1.20
                                                                                                              ===============
</TABLE>


Note - The Company's preferred shares and Investor Unit Rights were not included
in the earnings per share calculation as their effect is antidilutive.

(1) The share price used for the EPS calculation is based on the average daily
closing market price of the Company's common stock as reported by the New York
Stock Exchange.