1 PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES Computation of Earnings Per Share (Dollars and Share Data in Thousands, Except Per Share Data) As of and For the Years Ended December 31, ------------------------------------------ 1996 1995 1994 Weighted Average Shares Outstanding 5,940 5,814 5,814 Weighted Average Stock Options Outstanding 1,859 1,599 1,608 Assumed Shares Repurchased (672) (575) (784) -------- -------- -------- Weighted Average Shares and Share Equivalents Outstanding 7,127 6,838 6,638 ======== ======== ======== Net Income $ 13,374 $ 9,830 $ 5,973 ======== ======== ======== Net Income Per Share $ 1.88 $ 1.44 $ 0.90 ======== ======== ========