EXHIBIT 11.1
PartnerRe Ltd.
Computation of Net Income Per Common and Common Share Equivalents
For the years ended December 31, 2004, 2003 and 2002
(Expressed in thousands of U.S. dollars, except per share amounts)
December 31, 2004 | December 31, 2003 | December 31, 2002 | ||||||||||
Basic Net Income Per Share | ||||||||||||
Net income | $ | 492,353 | $ | 467,679 | $ | 190,302 | ||||||
Preferred dividends | (21,485 | ) | (29,390 | ) | (20,000 | ) | ||||||
Net income available to common shareholders | $ | 470,868 | $ | 438,289 | $ | 170,302 | ||||||
Weighted average number of common shares outstanding | 53,490.8 | 52,238.6 | 50,551.0 | |||||||||
Basic net income per share | $ | 8.80 | $ | 8.23 | $ | 3.37 | ||||||
Diluted Net Income Per Share | ||||||||||||
Net income | $ | 492,353 | $ | 467,679 | $ | 190,302 | ||||||
Preferred dividends | (21,485 | ) | (29,390 | ) | (20,000 | ) | ||||||
Net income available to common shareholders | $ | 470,868 | $ | 438,289 | $ | 170,302 | ||||||
Weighted average number of common shares outstanding | 53,490.8 | 52,238.6 | 50,551.0 | |||||||||
Stock options | 556.6 | 432.6 | 460.0 | |||||||||
Class B warrants | — | 224.7 | 896.7 | |||||||||
Weighted average number of common and common share equivalents outstanding | 54,047.4 | 53,895.9 | 51,907.7 | |||||||||
Diluted net income per share | $ | 8.71 | $ | 8.13 | $ | 3.28 |