12
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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1996 1995 1996 1995
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Weighted average number of common shares outstanding 86.6 78.0 85.5 77.7
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.8 6.9 6.8 7.2
Stock Options 0.7 0.6 0.7 0.5
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Weighted average number of common and common equivalent share 94.2 85.6 93.1 85.5
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Net income for the period 61.7 60.9 167.7 $142.0
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock 1.2 1.2 3.7 3.7
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Adjusted net income $60.5 $59.7 $164.0 $138.3
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Primary earnings per share $0.64 $0.70 $1.76 $1.62
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Computation of Fully Diluted Earnings Per Share
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Quarters Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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Weighted average number of common shares outstanding 86.6 78.0 85.5 77.7
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 7.0 7.1 7.0 7.4
Convertible Subordinated Debentures --- 6.3 1.0 6.3
Stock Options 0.9 0.8 1.0 0.8
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Weighted average number of common and common equivalent share 94.6 92.5 94.6 92.4
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Net income for the period $61.7 $60.9 $167.7 $142.0
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock 1.1 1.1 3.8 3.5
Plus interest applicable to Convertible Debentures --- 1.0 0.4 3.0
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Adjusted net income $60.5 $60.8 $164.6 $141.5
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Fully diluted earnings per share $0.64 $0.66 $1.74 $1.53
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