EXHIBIT 11
ATLANTIC AMERICAN CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF NET INCOME PER COMMON SHARE
SUPPORTING SCHEDULE
Three Months Ended
March 31,
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(In thousands, except per share data) 1998 1997
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Basic Earnings Per Common Share:
Net income $ 1,599 $ 1,938
Less preferred dividends to affiliates (380) (380)
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Net income available to common shareholders $ 1,219 $ 1,558
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Weighted average common shares outstanding 18,909 18,684
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Net income per common share $ .06 $ .08
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Diluted Earnings Per Common Share:
Net income available to common shareholders $ 1,219 $ 1,558
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Weighted average common shares outstanding 18,909 18,684
Effect of dilutive stock options 322 131
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Weighted average common shares outstanding
adjusted for dilutive stock options 19,231 18,815
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Net income per common share $ .06 $ .08
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