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 for the
six month and three periods ended June 30, 2005 and 2004.
Six Months Ended Six Months Ended
June 30, 2005 June 30, 2004
------------- -------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------- ------ --------- ------------ ------ ---------
Net income $1,018,872 $166,681
Less: Preferred stock dividends (24,975) (24,978)
Income available to common ---------- --------
stockholders $993,897 32,808,000 $0.03 $141,703 30,214,000 $0.01
===== =====
Effect of dilutive securities:
Stock options and warrants --- 80,000 --- --- 147,000 ---
Preferred stock 24,975 568,000 --- 24,978 568,000 ---
------ ------- ------ -------- ------- ------
Income available to common
stockholders and assumed
conversion $1,018,872 33,456,000 $0.03 $166,681 30,929,000 $0.01
========== ========== ===== ======== ========== =====
Options and warrants totaling 11,148,000 and 10,280,000 were excluded from the calculation of diluted earnings per
share as their effect was anti-dilutive for the six months ended June 30, 2005 and 2004, respectively.
Three Months Ended Three Months Ended
June 30, 2005 June 30, 2004
------------- -------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------- ------ --------- ------------ ------ ---------
Net income $17,855 $138,016
Less: Preferred stock dividends (12,488) (12,489)
Income available to common
stockholders $5,367 32,720,000 $0.00 $125,527 31,129,000 $0.00
===== =====
Effect of dilutive securities:
Stock options and warrants --- 118,000 --- --- 193,000 ---
Preferred stock 12,488 568,000 --- 12,489 568,000 ---
------ ------- ------ -------- ------- ------
Income available to common
stockholders and assumed
conversion $17,855 33,406,000 $0.00 $138,016 31,890,000 $0.00
======= ========== ===== ======== ========== =====
Options and warrants totaling 11,111,000 and 10,233,000 were excluded from the calculation of diluted earnings per
share as their effect was anti-dilutive for the three months ended June 30, 2005 and 2004, respectively.