**Exhibit 11.1**

 

**U.S. Restaurant Properties, Inc.Earnings Per Share Computation**

 

 
|                                                                                                |   | **Three Months Ended  September 30,** |   | **Nine Months Ended  September 30,** |   |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------------------|--------|
| **(In thousands, except per share amounts)**                                                        |   | **2002**                              |   | **2001**                             |   | **2002** |   | **2001** |   |
|                                                                                                |   |                                  |   |                                 |   |   |   |   |   |
| Net income (loss) from continuing  operations before discontinued operations and extraordinary item |   | $                                     | 3,762  |                                 | $      | (861 | ) | $ | 8,608 |   | $ | (18,618 | ) |
| Dividends on preferred stock                                                                        |   | (1,776                                | )      | (1,776                               | )      | (5,327 | ) | (5,327 | ) |
| Net income (loss) from  continuing operations                                                       |   | 1,986                                 |   | (2,637                               | )      | 3,281 |   | (23,945 | ) |
| Income from discontinued  operations                                                                |   | 995                                   |   | 49                                   |   | 1,367 |   | 14 |   |
| Extraordinary loss                                                                                  |   | —                                |   | —                               |   | — |   | (340 | ) |
| Net income (loss) allocable to  common stockholders                                                 |   | $                                     | 2,981  |                                 | $      | (2,588 | ) | $ | 4,648 |   | $ | (24,271 | ) |
|                                                                                                |   |                                  |   |                                 |   |   |   |   |   |
| Basic and diluted net income (loss)  per share:                                                     |   |                                  |   |                                 |   |   |   |   |   |
| Income (loss) from continuing  operations                                                           |   | $                                     | 0.10   |                                 | $      | (0.14 | ) | $ | 0.17 |   | $ | (1.34 | ) |
| Income (loss) from discontinued  operations                                                         |   | 0.05                                  |   | —                               |   | 0.07 |   | — |   |
| Extraordinary loss                                                                                  |   | —                                |   | —                               |   | — |   | (0.02 | ) |
| Net income (loss) per share  allocable to common stockholders                                       |   | $                                     | 0.15   |                                 | $      | (0.14 | ) | $ | 0.24 |   | $ | (1.36 | ) |
|                                                                                                |   |                                  |   |                                 |   |   |   |   |   |
| Weighted average shares  outstanding                                                                |   |                                  |   |                                 |   |   |   |   |   |
| Basic                                                                                               |   | 19,737                                |   | 17,964                               |   | 19,606 |   | 17,796 |   |
| Diluted                                                                                             |   | 19,824                                |   | 17,964                               |   | 19,741 |   | 17,796 |   |

 

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