Exhibit 11.1
PartnerRe Ltd.
Computation of Net Income per Common and Common Equivalent Share
For the Six Months and Three Months Ended June 30, 2003 and 2002
(Expressed in thousands of U.S. dollars, except per-share amounts)
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| For the Six Months Ended |
| For the Six Months Ended |
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| Income |
| Shares |
| Per-Share |
| Income |
| Shares |
| Per-Share |
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Net Income |
| $ | 246,284 |
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| $ | 129,844 |
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Less: Preferred dividends |
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| 19,567 |
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| 10,000 |
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Net Income available to common shareholders/ Basic Net Income Per Share |
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| 226,717 |
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| 52,810.3 |
| $ | 4.29 |
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| 119,844 |
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| 50,283.6 |
| $ | 2.38 |
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Effect of Dilutive Securities: |
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Class B Warrants |
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| 449.3 |
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| 916.2 |
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Stock Options |
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| 456.8 |
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| 539.3 |
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Net income available to common shareholders/Diluted Net Income Per Share |
| $ | 226,717 |
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| 53,716.4 |
| $ | 4.22 |
| $ | 119,844 |
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| 51,739.1 |
| $ | 2.32 |
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| For the Three Months Ended |
| For the Three Months Ended |
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| Income |
| Shares |
| Per-Share |
| Income |
| Shares |
| Per-Share |
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Net Income |
| $ | 121,915 |
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| $ | 66,589 |
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Less: Preferred dividends |
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| 14,567 |
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| 5,000 |
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Net Income available to common shareholders/ Basic Net Income Per Share |
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| 107,348 |
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| 53,221.8 |
| $ | 2.02 |
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| 61,589 |
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| 50,280.5 |
| $ | 1.22 |
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Effect of Dilutive Securities: |
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Class B Warrants |
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| — |
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| 913.3 |
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Stock Options |
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| 476.9 |
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| 512.6 |
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Net income available to common shareholders/Diluted Net Income Per Share |
| $ | 107,348 |
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| 53,698.7 |
| $ | 2.00 |
| $ | 61,589 |
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| 51,706.4 |
| $ | 1.19 |
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