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EXHIBIT 11
DELPHI FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE RESULTS
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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Computation for consolidated statements of income:
Income from continuing operations ........................ $14,512,000 $ 8,709,000 $ 38,091,000 $ 22,837,000
Discontinued operations, net of income tax benefit
Loss from operations ................................... -- (397,000) (765,000) (1,240,000)
Loss on disposal ....................................... -- -- (5,836,000) --
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Net income ............................................... $14,512,000 $ 8,312,000 $ 31,490,000 $ 21,597,000
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Weighted average number of common shares
outstanding during the periods ......................... 17,906,046 14,076,358 17,011,640 14,084,384
Add common equivalent shares (determined using
the "treasury stock" method) representing shares
issuable upon exercise of stock options ................ 1,671,666 424,159 1,408,495 440,704
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Weighted average number of common shares used
in computation of earnings per share ................... 19,577,712 14,500,517 18,420,135 14,525,088
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Results per share of common stock:
Income from continuing operations ...................... $ 0.74 $ 0.60 $ 2.07 $ 1.57
Discontinued operations, net of income tax benefit
Loss from operations ................................. -- (0.03) (0.04) (0.08)
Loss on disposal ..................................... -- -- (0.32) --
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Net income ............................................. $ 0.74 $ 0.57 $ 1.71 $ 1.49
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Assuming full dilution:
Weighted average common shares outstanding ............... 19,577,712 14,500,517 18,420,135 14,525,088
Incremental common shares applicable to stock
options based on the more dilutive of
the common stock ending or average (during
the period) market value per share ..................... 22,834 1,959 8,918 3,329
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Weighted average common shares,
assuming full dilution ................................. 19,600,546 14,502,476 18,429,053 14,528,417
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Results per share of common stock, assuming full dilution:
Income from continuing operations ...................... $ 0.74 $ 0.60 $ 2.07 $ 1.57
Discontinued operations, net of income tax benefit
Loss from operations ................................. -- (0.03) (0.04) (0.08)
Loss on disposal ..................................... -- -- (0.32) --
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Net income ............................................. $ 0.74 $ 0.57 $ 1.71 $ 1.49
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