12
OLD REPUBLIC INTERNATIONAL CORPORATION
EARNINGS PER SHARE EXHIBIT
(Amounts in millions, except per share data)
- ----------------------------------------------------------------------------------------------------------------
Computation of Primary Earnings Per Share
-------------------------------------------------
Quarters Ended Six Months Ended
June 30, June 30
---------------------- ----------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
Weighted average number of common shares outstanding 86.5 77.6 84.9 77.6
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.8 6.8 6.8 7.4
Stock Options 0.7 0.5 0.7 0.5
---------- ---------- ---------- ----------
Weighted average number of common and common equivalent share 94.1 85.5 92.5 85.4
========== ========== ========== ==========
Net income for the period $55.9 $42.0 $106.0 $81.0
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock 1.2 1.2 2.4 2.4
---------- ---------- ---------- ----------
Adjusted net income $54.7 $40.7 $103.5 $78.5
========== ========== ========== ==========
Primary earnings per share $0.58 $0.48 $1.12 $0.92
========== ========== ========== ===========
--------------------------------------------------------------------------------------------------------------
Computation of Fully Diluted Earnings Per Share
-------------------------------------------------
Quarters Ended Six Months Ended
June 30, June 30
---------------------- ----------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
Weighted average number of common shares outstanding 86.5 77.6 84.9 77.6
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 7.0 7.5 7.0 7.5
Convertible Subordinated Debentures --- 6.3 1.5 6.3
Stock Options 0.8 0.6 0.9 0.6
---------- ---------- ---------- ----------
Weighted average number of common and common equivalent share 94.4 92.3 94.4 92.3
========== ========== ========== ==========
Net income for the period $55.9 $42.0 $106.0 $81.0
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock 1.1 1.1 2.5 2.3
Plus interest applicable to Convertible Debentures --- 1.0 0.4 2.0
---------- ---------- ---------- ----------
Adjusted net income $54.7 $41.8 $104.0 $80.7
========== ========== ========== ==========
Fully diluted earnings per share $0.58 $0.45 $1.10 $0.87
========== ========== ========== ==========