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 March 31,
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1997 1996
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Weighted average number of common shares outstanding 87.0 83.2
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.7 6.8
Stock Options 0.9 0.8
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Weighted average number of common and common equivalent shares 94.6 90.9
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Net income for the period $65.2 $50.0
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock --- 1.2
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Adjusted net income $65.1 $48.8
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Primary earnings per share $0.68 $0.54
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Computation of Fully Diluted
Earnings Per Share
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Quarters Ended March 31,
--------------------------
1997 1996
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Weighted average number of common shares outstanding 87.0 83.2
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.8 7.0
Convertible Subordinated Debentures --- 3.1
Stock Options 0.9 0.9
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Weighted average number of common and common equivalent shares 94.8 94.4
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Net income for the period $65.2 $50.0
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock --- 1.1
Plus interest applicable to Convertible Debentures --- 0.4
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Adjusted net income $65.2 $49.3
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Fully diluted earnings per share $0.68 $0.52
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