EXHIBIT 11
INDEPENDENCE HOLDING COMPANY
Computation of Per Share Earnings
(In Thousands, Except Per Share Amounts)
Year Ended December 31, | ||||||
2001 | 2000 | 1999 | ||||
INCOME: | ||||||
Net income | $ | 14,383 | $ | 11,352 | $ | 10,404 |
SHARES: | ||||||
Weighted average common | ||||||
shares outstanding | 7,866 | 7,896 | 7,979 | |||
BASIC INCOME PER SHARE: | ||||||
Net income per share | $ | 1.83 | $ | 1.44 | $ | 1.30 |
DILUTED EARNINGS PER SHARE (A) | ||||||
USE OF PROCEEDS: | ||||||
Assumed exercise of options | $ | 6,110 | $ | 4,104 | $ | 3,014 |
Tax benefit from exercise of options | 1,120 | 513 | 433 | |||
Repurchase of treasury stock at | ||||||
average market price of $14.71 | ||||||
$11.35 and $10.83, respectively | (7,230) | (4,617) | (3,447) | |||
Assumed balance to be invested | $ | - | $ | - | $ | - |
SHARES: | ||||||
Weighted average shares outstanding | 7,866 | 7,896 | 7,979 | |||
Shares assumed issued for options | 639 | 495 | 396 | |||
Treasury stock assumed purchased | (491) | (407) | (317) | |||
Adjusted average shares outstanding | 8,014 | 7,984 | 8,058 | |||
DILUTED INCOME PER SHARE: | ||||||
Net income per share | $ | 1.80 | $ | 1.42 | $ | 1.29 |
(A) Warrants were not assumed to be exercised in 2000 and 1999 as the effect would have been anti-dilutive.
