EXHIBIT 11 ORION CAPITAL CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE (UNAUDITED) (000s omitted - except for per common share data) Three months ended Nine months ended September 30, September 30, ------------------ ----------------- 1997 1996 1997 1996 ---- ---- ---- ---- Computation of weighted average number of common and equivalent shares outstanding: PRIMARY - Weighted average number of shares outstanding ...................... 27,335 27,328 27,313 27,428 Dilutive effect of stock options and stock awards ..................... 546 374 515 370 ------ ------ ------ ------ Weighted average number of common and equivalent shares ................ 27,881 27,702 27,828 27,798 ====== ====== ====== ====== Net earnings attributable to common stockholders ....................... $24,526 $24,361 $79,385 $62,821 ====== ====== ====== ====== Net earnings per common share ........ $ .88 $ .88 $ 2.85 $ 2.26 ====== ====== ====== ====== FULLY DILUTED - Weighted average number of shares outstanding ....................... 27,335 27,328 27,313 27,428 Dilutive effect of stock options and stock awards ...................... 625 388 558 388 ------ ------ ----- ------ Weighted average number of common and equivalent shares ................ 27,960 27,716 27,871 27,816 ====== ====== ====== ====== Net earnings attributable to common stockholders ....................... $24,526 $24,361 $79,395 $62,821 ====== ====== ====== ====== Net earnings per common share ........ $ .88 $ .88 $ 2.85 $ 2.26 ======= ======= ======= ======= Page 26