Exhibit 11 SCOR U.S. CORPORATION COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Primary: Net income (loss) applicable to common stock $ 4,826 $ 2,447 $ 14,053 $ (11,368) ============= ============= ============= ============= Average number of common shares outstanding 18,167 18,168 18,171 18,146 Add: Assumed exercise of stock options 205 44 84 -0- ------------- ------------- ------------- ------------ Common and common equivalent shares outstanding 18,372 18,212 18,255 18,146 ============= ============= ============= ============= Net income (loss) per share assuming excercise of common stock equivalents $ 0.26 $ 0.13 $ 0.77 $ (0.63) ============= ============= ============= ============ Fully diluted: Net income (loss) applicable to common stock $ 5,700 $ 2,447 $ 16,216 $ (11,368) ============= ============= ============= ============= Average number of common shares outstanding 18,167 18,168 18,171 18,146 Add: Assumed exercise of stock options 302 44 153 -0- Assumed exercise of convertible bonds 3,044 -0- 2,993 -0- ------------- ------------ ------------- ------------ Common and common equivalent shares outstanding assuming full dilution 21,513 18,212 21,317 18,146 ============= ============= ============= ============= Net income (loss) per share assuming full dilution $ 0.26 $ 0.13 $ 0.76 $ (0.63) ============= ============= ============= ============