EXHIBIT 11
FBL FINANCIAL GROUP, INC.
COMPUTATION OF EARNINGS PER SHARE
(DOLLARS 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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(DOLLARS IN THOUSANDS)
PRIMARY
Average shares outstanding .................. 17,920,281 19,750,211 18,240,354 22,489,937
Net effect of stock options - based on the
treasury stock method using average
market price ............................. 349,887 66,382 287,617 22,531
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Weighted average primary shares outstanding . 18,270,168 19,816,593 18,527,971 22,512,468
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Net income .................................. $ 20,124 $ 20,486 $ 59,515 $ 44,950
Dividends on Series A and B preferred stock . (37) (1,000) (2,133) (1,000)
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Net income applicable to common stock ....... $ 20,087 $ 19,486 $ 57,382 $ 43,950
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Net income per primary common and common
equivalent share ......................... $ 1.10 $ 0.98 $ 3.10 $ 1.95
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FULLY DILUTED
Average shares outstanding .................. 17,920,281 19,750,211 18,240,354 22,489,937
Net effect of stock options-based on the
treasury stock method using period-end
market price, if higher than average
market price ............................. 376,572 102,024 381,517 34,629
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Weighted average fully diluted shares
outstanding .............................. 18,296,853 19,852,235 18,621,871 22,524,566
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Net income .................................. $ 20,124 $ 20,486 $ 59,515 $ 44,950
Dividends on Series A and B preferred stock . (37) (1,000) (2,133) (1,000)
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Net income applicable to common stock ....... $ 20,087 $ 19,486 $ 57,382 $ 43,950
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Net income per fully diluted common and
common equivalent share .................. $ 1.10 $ 0.98 $ 3.08 $ 1.95
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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.