18
Exhibit 11
ALLIED Group, Inc. and Subsidiaries
Computation of Per Share Earnings
For the Three and Nine Months Ended September 30, 1996 and 1995
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1996 1995 1996 1995
---------- ----------- ---------- ----------
(in thousands, except per share data)
Primary
Net income $ 14,459 $ 13,405 $ 35,955 $ 38,546
Preferred stock dividends (879) (1,801) (3,232) (5,431)
Stock options in subsidiaries (119) (112) (338) (273)
---------- ----------- ---------- ----------
Adjusted net income $ 13,461 $ 11,492 $ 32,385 $ 32,842
========== =========== ========== ==========
Earnings per share $ .98 $ 1.23 $ 2.52 $ 3.54
========== =========== ========== ==========
Weighted average shares
outstanding 13,611 9,259 12,729 9,156
Dilutive effective of
unexercised stock options* 113 96 126 110
---------- ----------- ---------- ----------
13,724 9,355 12,855 9,266
========== =========== ========== ==========
Fully Diluted
Net income $ 14,459 $ 13,405 $ 35,955 $ 38,546
Preferred stock dividends (879) (879) (2,636) (2,636)
Stock options in subsidiaries (121) (112) (339) (274)
Additional net ESOP
expenses-assuming
conversion of ESOP Series
preferred stock --- (45) --- (137)
---------- ----------- ---------- ----------
Adjusted net income $ 13,459 $ 12,369 $ 32,980 $ 35,499
========== =========== ========== ==========
Earnings per share $ .98 $ .88 $ 2.36 $ 2.55
========== =========== ========== ==========
Weighted average shares
outstanding 13,611 13,873 13,820 13,815
Dilutive effective of
unexercised stock option* 116 121 138 122
---------- ----------- ---------- ----------
13,727 13,994 13,958 13,937
========== =========== ========== ==========
* Primary - Based on average market price
Fully Diluted - Based on the higher of the average market price or the market
price at September 30 of each year