Exhibit 11
HILB, ROGAL AND HAMILTON COMPANY AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31
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1995 1994 1993
PRIMARY:
Average shares outstanding 14,470,407 14,778,304 14,456,055
Net effect of dilutive stock options-- based
on the treasury stock method using average
fair value 9,989 7,082 33,575
Net effect of guaranteed future shares to be
issued in connection with an agency
acquisition 3,009
---------- ---------- ----------
Average number of shares as adjusted 14,480,396 14,785,386 14,492,639
========== ========== ==========
Net income $11,828,910 $11,392,283 $ 8,293,393
=========== =========== ===========
Per share amount $.82 $.77 $.57
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FULLY DILUTED:
Average shares outstanding 14,470,407 14,778,304 14,456,055
Net effect of dilutive stock options-- based
on the treasury stock method using the end
of period fair value, if higher than average
fair value 27,458 7,344 33,575
Net effect of guaranteed future shares to be
issued in connection with an agency
acquisition 3,009
Net effect of future shares to be issued in
connection with an agency acquisition contingent
upon performance 45,135
---------- ---------- ----------
Average number of shares as adjusted 14,497,865 14,785,648 14,537,774
=========== =========== ===========
Net income $11,828,910 $11,392,283 $ 8,293,393
=========== =========== ===========
Per share amount $.82 $.77 $.57
==== ==== ====
Note: The per share amounts for each period presented above do not
necessarily support amounts in the statement of consolidated income
because common stock equivalents are less than 3% dilutive.