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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 Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
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Computation for consolidated statements of income:
Income from continuing operations . . . . . . . . . . $ 19,839 $ 14,512 $ 56,154 $ 38,091
Discontinued operations, net of income tax benefit:
Loss from operations . . . . . . . . . . . . . - - - (765)
Loss on disposal . . . . . . . . . . . . . . . - - - (5,836)
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Net income . . . . . . . . . . . . . . . . . . . . $ 19,839 $ 14,512 $ 56,154 $ 31,490
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Weighted average common shares outstanding . . . . . 18,596 18,265 18,543 17,352
Add common equivalent shares (determined using
the "treasury stock" method) representing shares
issuable upon exercise of stock options and
deferred shares . . . . . . . . . . . . . . . . 1,458 1,705 1,489 1,408
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Weighted average number of common shares used in
computation of results per share of common stock 20,054 19,970 20,032 18,788
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Results per share of common stock:
Income from continuing operations . . . . . . . $ 0.99 $ 0.73 $ 2.80 $ 2.03
Discontinued operations, net of income tax benefit:
Loss from operations . . . . . . . . . . . . - - - (0.04)
Loss on disposal . . . . . . . . . . . . . . - - - (0.31)
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Net income . . . . . . . . . . . . . . . . . . $ 0.99 $ 0.73 $ 2.80 $ 1.68
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Assuming full dilution:
Weighted average common shares outstanding . . . . . 20,054 19,970 20,032 18,788
Incremental common shares applicable to stock
options based on the more dilutive of the common
stock ending or average market value per share 5 23 9 10
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Weighted average common shares, assuming full dilution 20,059 19,993 20,041 18,798
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Results per share of common stock, assuming full dilution:
Income from continuing operations . . . . . . . $ 0.99 $ 0.73 $ 2.80 $ 2.03
Discontinued operations, net of income tax benefit:
Loss from operations . . . . . . . . . . . . - - - (0.04)
Loss on disposal . . . . . . . . . . . . . . - - - (0.31)
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Net income . . . . . . . . . . . . . . . . . . $ 0.99 $ 0.73 $ 2.80 $ 1.68
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