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, ------------------------------------------------------ 1998 1997 1996(1) ------- ------- ------- Weighted-Average Common Shares Outstanding 12,249 12,194 11,880 Weighted-Average Share Equivalents Outstanding 2,680 2,736 2,373 ------- ------- ------- Weighted-Average Shares and Share Equivalents Outstanding 14,929 14,930 14,253 ======= ======= ======= Net Income $20,028 $16,870 $13,374 ======= ======= ======= Basic Earnings Per Share $1.63 $1.38 $1.13 ======= ======= ======= Diluted Earnings Per Share $1.34 $1.13 $0.94 ======= ======= ======= (1) 1996 share information restated to reflect a two for one split of the Company's common stock distributed in November 1997.