Exhibit 11
INDEPENDENCE HOLDING COMPANY
Computation of Per Share Earnings
(In Thousands, Except Per Share Amounts)
THREE MONTHS ENDED | |||||
MARCH 31, | |||||
2002 | 2001 | ||||
INCOME: | |||||
Net income | $ | 3,949 | $ | 4,061 | |
SHARES: | |||||
Weighted average common shares outstanding | 7,790 | 7,878 | |||
BASIC INCOME PER SHARE: | |||||
Net income per share | $ | .51 | $ | .52 | |
DILUTED EARNINGS PER SHARE | |||||
USE OF PROCEEDS: | |||||
Assumed exercise of options | $ | 7,562 | $ | 6,242 | |
Tax benefit from assumed exercise of options | 1,830 | 850 | |||
Repurchase of treasury stock at the average market | |||||
price per share of $17.85 and $13.29, respectively | (9,392) | (7,092) | |||
Assumed balance to be invested | $ | - | $ | - | |
SHARES: | |||||
Weighted average shares outstanding | 7,790 | 7,878 | |||
Shares assumed issued for options | 725 | 658 | |||
Treasury stock assumed purchased | (526) | (534) | |||
Adjusted average shares outstanding | 7,989 | 8,002 | |||
DILUTED INCOME PER SHARE: | |||||
Net income per share | $ | .49 | $ | .51 | |
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