EXHIBIT 11
ORION CAPITAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
(000s omitted-except for per common share data)
Three Months Ended March 31,
----------------------------
1997 1996
---- ----
Computation of weighted average
number of common and equivalent
shares outstanding:
PRIMARY -
Weighted average number of shares
outstanding ............................. 13,652 13,815
Dilutive effect of stock options and stock
awards .................................. 247 182
------- -------
Weighted average number of common and
equivalent shares ....................... 13,899 13,997
======= =======
Net earnings attributable to common
stockholders ............................ $29,478 $17,887
======= =======
Net earnings per common share ............. $ 2.12 $ 1.28
======= =======
FULLY DILUTED -
Weighted average number of shares
outstanding ............................. 13,652 13,815
Dilutive effect of stock options and stock
awards .................................. 247 182
------- -------
Weighted average number of common and
equivalent shares ....................... 13,899 13,997
======= =======
Net earnings attributable to common
stockholders ............................ $29,478 $17,887
======= =======
Net earnings per common share ............. $ 2.12 $ 1.28
======= =======
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