Exhibit 11 ORION CAPITAL CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, ------------------------------ ------------------------- (In thousands, except per share data) 1998 1997 1998 1997 - ---------------------------------------------------------------------------------------------------------------- BASIC: Weighted average number of shares outstanding 27,457 27,299 27,429 27,302 ======== ======== ======== ======== Net earnings attributable to common stockholders $ 38,158 $ 25,381 $ 80,347 $ 54,859 ======== ======== ======== ======== Net earnings per basis common shares $ 1.39 $ 0.93 $ 2.93 $ 2.01 ======== ======== ======== ======== DILUTED: Computation of weighted average number of common and diluted equivalent shares outstanding:- Weighted average number of shares outstanding 27,457 27,299 27,429 27,302 Dilutive effect of stock options and stock awards 703 504 716 499 -------- -------- -------- -------- Weighted average number of common and diluted equivalent shares 28,160 27,803 28,145 27,801 ======== ======== ======== ======== Net earnings attributable to common stockholders $ 38,158 $ 25,381 $ 80,347 $ 54,859 ======== ======== ======== ======== Net earnings per diluted common shares $ 1.36 $ 0.91 $ 2.85 $ 1.97 ======== ======== ======== ======== 33