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 Nine Months Ended
September 30, September 30
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1995 1994 1995 1994
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Weighted average number of common shares outstanding 52.0 51.8 51.8 51.9
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 4.6 4.9 4.8 4.9
Stock Options 0.4 0.3 0.3 0.3
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Weighted average number of common and common equivalent shares 57.1 57.2 57.0 57.2
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Net income for the period $60.9 $37.8 $142.0 $108.0
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock 1.2 1.3 3.7 3.9
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Adjusted net income $59.7 $36.5 $138.3 $104.1
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Primary earnings per share $1.05 $0.64 $2.43 $1.82
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Computation of Fully Diluted Earnings Per Share
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Quarters Ended Nine Months Ended
September 30, September 30
-------------------- --------------------
1995 1994 1995 1994
--------- --------- --------- ---------
Weighted average number of common shares outstanding 52.0 51.8 51.8 51.9
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 4.7 5.1 4.9 5.1
Convertible Subordinated Debentures 4.2 4.2 4.2 4.2
Stock Options 0.5 0.3 0.5 0.3
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Weighted average number of common and common equivalent shares 61.6 61.6 61.6 61.6
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Net income for the period $60.9 $37.8 $142.0 $108.0
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock 1.1 1.3 3.5 3.8
Plus interest applicable to Convertible Debentures 1.0 1.0 3.0 3.0
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Adjusted net income $60.8 $37.5 $141.5 $107.2
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Fully diluted earnings per share $0.99 $0.61 $2.30 $1.74
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