EXHIBIT 11
FBL FINANCIAL GROUP, INC.
COMPUTATION OF EARNINGS PER SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31,
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1997 1996
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PRIMARY
Average shares outstanding 18,859,800 23,859,800
Net effect of stock options - based on the treasury stock
method using average market price 197,648 --
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Weighted average primary shares outstanding 19,057,448 23,859,800
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Net income $ 26,553 $ 10,889
Dividends on preferred stock (1,250) --
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Net income applicable to common stock $ 25,303 $ 10,889
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Net income per primary common and common equivalent share $ 1.33 $ 0.46
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FULLY DILUTED
Average shares outstanding 18,859,800 23,859,800
Net effect of stock options - based on the treasury stock
method using period-end market price, if higher than
average market price 232,875 --
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Weighted average fully diluted shares outstanding 19,092,675 23,859,800
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Net income $ 26,553 $ 10,889
Dividends on preferred stock (1,250) --
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Net income applicable to common stock $ 25,303 $ 10,889
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Net income per fully diluted common and common equivalent share $ 1.33 $ 0.46
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Note: Net income per fully diluted common and common equivalent share is not
disclosed on the face of the Company's Consolidated Statements of Income because
dilution is less than three percent.