SCOR U.S. CORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE (In thousands, except per share data) Three Months Ended, Nine Months Ended, September 30 September 30 1994 1993 1994 1993 PRIMARY Net income (loss) applicable to common stock $ 2,447 $ 5,808 $ (11,368) $ 17,854 Average number of common shares outstanding 18,168 18,195 18,146 18,182 Add: Assumed exercise of stock options 44 230 -0- 282 Common and common equivalent shares outstanding 18,212 18,425 18,146 18,464 Net income (loss) per share assuming exercise of common stock equivalents $ 0.13 $ 0.32 $ (0.63) $ 0.97 FULLY DILUTED Net income (loss) applicable to common stock $ 2,447 $ 6,588 $ (11,368) $ 19,426 Average number of common shares outstanding 18,168 18,195 18,146 18,155 Add: Assumed exercise of stock options 44 230 -0- 282 Assumed convertion of convertible bonds -0- 3,394 -0- 2,312 Common and common equivalent shares outstanding assuming full dilution 18,212 21,819 18,146 20,749 Net income (loss) per share assuming full dilution $ 0.13 $ 0.30 $ (0.63) $ 0.94