OLD REPUBLIC INTERNATIONAL CORPORATION
EARNINGS PER SHARE EXHIBIT
(Amounts in millions, except per share data)
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Computation of Primary Earnings Per Share
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Quarters Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Weighted average number of common shares outstanding 51.9 51.5 51.8 51.4
Add: Weighted average number of assumed common shares
to be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 4.9 5.0 4.9 5.0
Stock Options 0.3 0.5 0.3 0.5
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Weighted average number of common and common
equivalent shares 57.2 57.1 57.2 57.1
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Net income for the period $36.0 $43.0 $70.1 $83.2
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock 1.2 1.2 2.5 2.7
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Adjusted net income $34.7 $41.8 $67.5 $80.5
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Primary earnings per share $0.61 $0.73 $1.18 $1.41
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Computation of Primary Earnings Per Share
-----------------------------------------
Quarters Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
------ ------ ------ ------
Weighted average number of common shares outstanding 51.9 51.5 51.8 51.4
Add: Weighted average number of assumed common shares
to be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 5.1 5.1 5.1 5.2
Convertible Subordinated Debentures 4.2 4.2 4.2 4.2
Stock Options 0.3 0.5 0.3 0.6
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Weighted average number of common and common
equivalent shares 61.6 61.5 61.6 61.5
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Net income for the period $36.0 $43.0 $70.1 $83.2
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock 1.2 1.2 2.5 2.6
Plus interest applicable to Convertible Debentures 1.0 1.0 2.0 2.0
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Adjusted net income $35.8 $42.8 $69.7 $82.6
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Fully diluted earnings per share $0.58 $0.70 $1.13 $1.34
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