National Western Life Insurance 10-Q 2005 Q2 Quarterly report

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended June 30, 2005 and 2004
(Unaudited)
(In thousands, except per share data)

		2005	2004
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions	$	24,098	19,712
Denominator:
Basic earnings per share -
weighted-average shares		3,598	3,557
Effect of dilutive stock options		32	42
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,630	3,599
Basic earnings per share	$	6.70	5.54
Diluted earnings per share	$	6.64	5.47

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Six Months Ended June 30, 2005 and 2004
(Unaudited)
(In thousands, except per share data)

		2005	2004
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions:
Earnings before cumulative effect of change in accounting principle	$	40,300	34,328
Cumulative effect of change in accounting principle		-	54,697
Net earnings	$	40,300	89,025
Denominator:
Basic earnings per share -
weighted-average shares		3,595	3,556
Effect of dilutive stock options		33	42
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,628	3,598
Basic earnings per share:
Earnings before cumulative effect of change in accounting principle	$	11.21	9.66
Cumulative effect of change in accounting principle		-	15.38
Net earnings	$	11.21	25.04
Diluted earnings per share:
Earnings before cumulative effect of change in accounting principle	$	11.11	9.54
Cumulative effect of change in accounting principle		-	15.20
Net earnings	$	11.11	24.74