Exhibit 11.1
PartnerRe Ltd.
Computation of Net Income (Loss) per Common and Common Equivalent Share
For the Nine Months and Three Months Ended September 30, 2003 and 2002
(Expressed in thousands of U.S. dollars, except per-share amounts)
For the Nine Months Ended September 30, 2003 | For the Nine Months Ended September 30, 2002 | |||||||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||
Net Income | $ | 363,150 | $ | 101,910 | ||||||||||||
Less: Preferred dividends | 24,421 | 15,000 | ||||||||||||||
Net Income available to common shareholders/ Basic Net Income Per Share | 338,729 | 53,091.6 | $ | 6.38 | 86,910 | 50,285.8 | $ | 1.73 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Class B Warrants | 299.5 | 470.0 | ||||||||||||||
Stock Options | 409.8 | 896.9 | ||||||||||||||
Net income available to common shareholders/Diluted Net Income Per Share | $ | 338,729 | 53,800.9 | $ | 6.30 | $ | 86,910 | 51,652.7 | $ | 1.68 | ||||||
For the Three Months Ended September 30, 2003 | For the Three Months Ended September 30, 2002 | |||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | Loss (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||
Net Income (Loss) | $ | 116,865 | $ | (27,935 | ) | |||||||||||||
Less: Preferred dividends | 4,854 | 5,000 | ||||||||||||||||
Net Income (Loss) available to common shareholders/ Basic Net Income Per Share | 112,011 | 53,636.4 | $ | 2.09 | (32,935 | ) | 50,328.5 | $ | (0.65 | ) | ||||||||
Effect of Dilutive Securities: (1) | ||||||||||||||||||
Class B Warrants | — | |||||||||||||||||
Stock Options | 315.6 | |||||||||||||||||
Net income available to common shareholders/Diluted Net Income Per Share | $ | 112,011 | 53,952.0 | $ | 2.08 | |||||||||||||
(1) | Diluted net loss per share has not been shown for the 2002 period because the effect of dilutive securities would have been anti-dilutive. The weighted average number of common and common equivalent shares outstanding for the 2002 period amounted to 51,518.3 thousand shares after the dilutive effect of Class A and B warrants, and stock options of 858.5 thousand and 331.3 thousand, respectively. |