11
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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1995 1994 1995 1994
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Weighted average number of common shares outstanding 51.7 51.9 51.7 51.8
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 4.8 4.9 4.9 4.9
Stock Options 0.3 0.3 0.3 0.3
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Weighted average number of common and common equivalent shares 57.0 57.2 56.9 57.2
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Net income for the period $42.0 $36.0 $81.0 $70.1
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock 1.2 1.2 2.4 2.5
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Adjusted net income $40.7 $34.7 $78.5 $67.5
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Primary earnings per share $0.72 $0.61 $1.38 $1.18
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Computation of Fully Diluted Earnings Per Share
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Quarters Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
1995 1994 1995 1994
--------- --------- --------- ---------
Weighted average number of common shares outstanding 51.7 51.9 51.7 51.8
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 5.0 5.1 5.0 5.1
Convertible Subordinated Debentures 4.2 4.2 4.2 4.2
Stock Options 0.4 0.3 0.4 0.3
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Weighted average number of common and common equivalent shares 61.5 61.6 61.5 61.6
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Net income for the period $42.0 $36.0 $81.0 $70.1
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock 1.1 1.2 2.3 2.5
Plus interest applicable to Convertible Debentures 1.0 1.0 2.0 2.0
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Adjusted net income $41.8 $35.8 $80.7 $69.7
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Fully diluted earnings per share $0.68 $0.58 $1.31 $1.13
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