**Exhibit 11.1**

 

**U.S. Restaurant Properties, Inc.**

**Earnings Per Share Computation**

 
|                                                                                                |   | **Three Months Ended  June 30,** |   | **Six Months Ended  June 30,** |   |
|-----------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------------------------------|--------|
| **(In thousands, except per share amounts)**                                                        |   | **2002**                         |   | **2001**                       |   | **2002** |   | **2001** |   |
|                                                                                                |   |                             |   |                           |   |   |   |   |   |
| Net income (loss) from continuing operations  before discontinued operations and extraordinary item |   | $                                | 1,785  |                           | $      | 1,941 |   | $ | 4,427 |   | $ | (17,601 | ) |
| Dividends on preferred stock                                                                        |   | (1,775                           | )      | (1,775                         | )      | (3,551 | ) | (3,551 | ) |
| Net income (loss) from continuing operations                                                        |   | 10                               |   | 166                            |   | 876 |   | (21,152 | ) |
| Income (loss) from discontinued operations                                                          |   | (517                             | )      | (154                           | )      | 791 |   | (191 | ) |
| Extraordinary loss                                                                                  |   | —                           |   | —                         |   | — |   | (340 | ) |
| Net income (loss) allocable to common  stockholders                                                 |   | $                                | (507   | )                              | $      | 12 |   | $ | 1,667 |   | $ | (21,683 | ) |
|                                                                                                |   |                             |   |                           |   |   |   |   |   |
| Basic and diluted net income (loss) per share:                                                      |   |                             |   |                           |   |   |   |   |   |
| Income (loss) from continuing operations                                                            |   | $                                | — |                           | $      | 0.01 |   | $ | 0.04 |   | $ | (1.19 | ) |
| Income (loss) from discontinued operations                                                          |   | (0.03                            | )      | (0.01                          | )      | 0.04 |   | (0.01 | ) |
| Extraordinary loss                                                                                  |   | —                           |   | —                         |   | — |   | (0.02 | ) |
| Net income (loss) per share allocable to common  stockholders                                       |   | $                                | (0.03  | )                              | $      | — |   | $ | 0.08 |   | $ | (1.22 | ) |
|                                                                                                |   |                             |   |                           |   |   |   |   |   |
| Weighted average shares outstanding                                                                 |   |                             |   |                           |   |   |   |   |   |
| Basic                                                                                               |   | 19,561                           |   | 17,886                         |   | 19,540 |   | 17,711 |   |
| Diluted                                                                                             |   | 19,794                           |   | 18,137                         |   | 19,766 |   | 17,711 |   |

 

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