Exhibit 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three and Nine Months Ended September 30, 2004 and 2003
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | Septebmer 30, | |||||||||||||
(Dollars in thousands) | 2004 | 2003 | 2004 | 2003 | ||||||||||
Net Income | $ | 11,463 | $ | 100,326 | $ | 401,531 | $ | 304,248 | ||||||
Weighted average common and effect | ||||||||||||||
of dilutive shares used in the | ||||||||||||||
computation of net income per share: | ||||||||||||||
Average shares outstanding | ||||||||||||||
- basic | 55,990,999 | 55,498,706 | 55,898,485 | 53,513,927 | ||||||||||
Effect of dilutive shares: | ||||||||||||||
Options outstanding | 718,507 | 1,055,596 | 839,062 | 884,110 | ||||||||||
Options exercised | 1,416 | 6,488 | 56,977 | 9,078 | ||||||||||
Options cancelled | 478 | 1,227 | 1,938 | 820 | ||||||||||
Restricted shares | 893 | - | 1,606 | - | ||||||||||
Average shares outstanding | ||||||||||||||
- diluted | 56,712,293 | 56,562,017 | 56,798,068 | 54,407,935 | ||||||||||
Net Income per common share: | ||||||||||||||
Basic | $ | 0.20 | $ | 1.81 | $ | 7.18 | $ | 5.69 | ||||||
Diluted | $ | 0.20 | $ | 1.77 | $ | 7.07 | $ | 5.59 |