Exhibit 11 ORION CAPITAL CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (Unaudited) Three Months Ended Year Ended December 31, December 31, ------------------- -------------------- (In thousands, except per share amounts) 1998 1997 1998 1997 - ------------------------------------------------------------------------------------------------ Basic: Weighted average number of shares outstanding ...... 26,880 27,392 27,236 27,333 ======== ======== ========= ======== Net earnings attributable to common stockholders ... $ 20,175 $ 36,421 $ 102,830 $115,806 ======== ======== ========= ======== Net earnings per basic common share ................ $ 0.75 $ 1.33 $ 3.78 $ 4.24 ======== ======== ========= ======== Diluted: Computation of weighted average number of common and diluted equivalent shares outstanding:- Weighted average number of shares outstanding ... 26,880 27,392 27,236 27,333 Dilutive effect of stock options and stock awards 336 727 606 567 -------- -------- --------- -------- Weighted average number of common and diluted equivalent shares ................... 27,216 28,119 27,842 27,900 ======== ======== ========= ======== Net earnings attributable to common stockholders ... $ 20,175 $ 36,421 $ 102,830 $115,806 ======== ======== ========= ======== Net earnings per diluted common share .............. $ 0.74 $ 1.30 $ 3.69 $ 4.15 ======== ======== ========= ========