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Exhibit 11
NVR, Inc.
Computation of Earnings Per Share
(in thousands, except per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||
1. | Net income | $ | 95,092 | $ | 83,830 | $ | 182,898 | $ | 160,543 | |||||
2. | Average number of shares outstanding | 7,124 | 7,341 | 7,101 | 7,369 | |||||||||
3. | Shares issuable upon exercise of dilutive options and deferred compensation payable in shares of NVR common stock, based on average market price | 1,601 | 2,081 | 1,612 | 2,044 | |||||||||
4. | Average number of shares and share equivalents outstanding (2 + 3) | 8,725 | 9,422 | 8,713 | 9,413 | |||||||||
5. | Basic earnings per share (1/2) | $ | 13.35 | $ | 11.42 | $ | 25.76 | $ | 21.79 | |||||
6. | Diluted earnings per share (1/4) | $ | 10.90 | $ | 8.90 | $ | 20.99 | $ | 17.05 | |||||
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