EXHIBIT 11.1
Universal Insurance Holdings, Inc.
Statement Regarding the Computation of Per Share Income
The following table reconciles the numerator (earnings) and denominator (shares) of the basic and diluted
earnings per share computations for net income (loss) for the nine month and three month periods ended
September 30, 2002 and 2001.
Nine Months Ended Nine Months Ended
September 30, 2002 September 30, 2001
------------------ ------------------
Income Income
Available Available to
to Common Per-Share Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
Net loss $ (29,023) $(1,394,510)
Less: Preferred stock
dividends (37,463) (24,976)
---------- ------------
Loss available to
common stockholders $ (66,486) 15,558,000 $(0) $(1,419,486) 14,698,000 $(0.09)
==== =======
Effect of dilutive
securities:
Stock options and
warrants --- --- --- --- --- ---
Preferred stock 37,463 568,000 --- --- --- ---
------ ------- ---- ---- ---- ----
Loss available to
common stockholders
and assumed conversion ($29,023) 16,126,000 $(0) $(1,419,486) 14,698,000 $(0.09)
======== ========== ==== ============ ========== =======
Options and warrants totaling 11,262,000 and 10,812,000 were excluded from the calculation of diluted earnings
per share as their effect was anti-dilutive for the nine months ended September 30, 2002 and 2001,
respectively.
Three Months Ended Three Months Ended
September 30, 2002 September 30, 2001
------------------ ------------------
Income Income
Available Available to
to Common Per-Share Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
Net income (loss) $ 642,568 $(2,409,105)
Less: Preferred stock
dividends (12,488) ---
----------- ------------
Income (loss)
available to common
stockholders $ 630,080 15,558,000 $0.04 $(2,409,105) 14,686,000 $(0.16)
===== =======
Effect of dilutive
securities:
Stock options and
warrants --- --- --- --- --- ---
Preferred stock 12,488 568,000 --- --- --- ---
------ ------- ---- ---- ---- ----
Income (loss)
available to common
stockholders and $ 642,568 16,126,000 $0.04 $(2,409,105) 14,686,000 $(0.16)
assumed conversion ========== ========== ===== ============ ========== =======
Options and warrants totaling 11,262,000 and 10,812,000 were excluded from the calculation of diluted earnings
per share as their effect was anti-dilutive for the three months ended September 30, 2002 and 2001,
respectively.