EXHIBIT 11
ORION CAPITAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(000s omitted-except for per common share data)
Year Ended December 31,
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1996 1995 1994
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Computation of weighted average
number of common and equivalent
shares outstanding:
PRIMARY -
Weighted average number of shares
outstanding ............................. 13,700 14,055 14,249
Dilutive effect of stock options and
stock awards ............................ 194 132 99
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Weighted average number of common and
equivalent shares ....................... 13,894 14,187 14,348
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Net earnings attributable to common
stockholders ............................ $86,631 $67,622 $55,245
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Net earnings per common share ............. $ 6.24 $ 4.77 $ 3.85
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FULLY DILUTED -
Weighted average number of shares
outstanding ............................. 13,700 14,055 14,249
Dilutive effect of stock options and
stock awards ............................ 204 139 118
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Weighted average number of common and
equivalent shares ....................... 13,904 14,194 14,367
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Net earnings attributable to common
stockholders ............................ $86,631 $67,622 $55,245
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Net earnings per common share ............. $ 6.23 $ 4.76 $ 3.85
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