Exhibit (11)
OLD REPUBLIC INTERNATIONAL CORPORATION
EARNINGS PER SHARE EXHIBIT
(In Millions)
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Primary EPS
Years Ended December 31,
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1996 1995 1994
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Weighted average number of common shares actually
outstanding.......................................................... 86.0 78.1 77.8
Weighted average number of incremental shares for common
stock equivalents:
Redeemable and/or convertible preferred stock........................ 6.8 7.1 7.4
Stock Options........................................................ .7 .6 .5
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Weighted average number of common shares and common
stock equivalents outstanding - primary.............................. 93.6 85.9 85.8
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Net income for the period................................................ $ 230.3 $ 212.7 $ 151.0
Less dividends applicable to appropriate series of redeemable
and convertible preferred stock...................................... 4.7 4.9 5.1
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Adjusted net income - primary............................................ $ 225.6 $ 207.7 $ 145.9
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Earnings per share - primary............................................. $ 2.41 $ 2.42 $ 1.70
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Fully Diluted EPS
Years Ended December 31,
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1996 1995 1994
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Weighted average number of common shares and
common stock equivalents outstanding - primary....................... 93.6 85.9 85.8
Weighted average number of incremental shares for
common stock equivalents:
Redeemable and/or convertible preferred stock/debentures............. .9 6.6 6.6
Stock options........................................................ .2 .5 -
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Weighted average number of common shares and
common stock equivalents outstanding - fully diluted................. 94.8 93.1 92.4
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Adjusted net income - primary............................................ $ 225.6 $ 207.7 $ 145.9
Adjustment for dividends/interest applicable to appropriate
series of redeemable and convertible preferred
stock/debentures..................................................... .6 4.2 4.2
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Adjusted net income - fully diluted...................................... $ 226.2 $ 212.0 $ 150.1
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Earnings per share - fully diluted....................................... $ 2.39 $ 2.28 $ 1.63
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