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EXHIBIT 11
DELPHI FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE RESULTS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Six Months Ended
June 30, June, 30,
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1997 1996 1997 1996
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Computation for consolidated statements of income:
Income from continuing operations ........................ $ 16,017 $ 13,333 $ 36,315 $ 23,579
Discontinued operations, net of income tax benefit:
Loss from operations .................................. -- (394) -- (765)
Loss on disposal ...................................... -- (5,836) -- (5,836)
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Net income ............................................... $ 16,017 $ 7,103 $ 36,315 $ 16,978
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Weighted average number of common shares outstanding ..... 18,526 18,238 18,516 16,896
Add common equivalent shares (determined using the
"treasury stock" method) representing shares issuable
upon exercise of stock options and deferred shares .... 1,507 1,751 1,504 1,303
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Weighted average number of common shares used in
computation of results per share of common stock ...... 20,033 19,989 20,020 18,199
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Results per share of common stock:
Income from continuing operations ..................... $ 0.80 $ 0.67 $ 1.81 $ 1.29
Discontinued operations, net of income tax benefit:
Loss from operations ............................... -- (0.02) -- (0.04)
Loss on disposal ................................... -- (0.29) -- (0.32)
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Net income ............................................ $ 0.80 $ 0.36 $ 1.81 $ 0.93
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Assuming full dilution:
Weighted average common shares outstanding ............... 20,033 19,989 20,020 18,199
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 . 19 1 12 1
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Weighted average common shares, assuming full dilution ... 20,052 19,990 20,032 18,200
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Results per share of common stock, assuming full dilution:
Income from continuing operations ..................... $ 0.80 $ 0.67 $ 1.81 $ 1.29
Discontinued operations, net of income tax benefit:
Loss from operations ............................... -- (0.02) -- (0.04)
Loss on disposal ................................... -- (0.29) -- (0.32)
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Net income ............................................ $ 0.80 $ 0.36 $ 1.81 $ 0.93
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