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 nine month and
three month periods ended September 30, 2005 and 2004.
Nine Months Ended Nine Months Ended
September 30, 2005 September 30, 2004
------------------ ------------------
Income Income
Available to Available to
Common Per Share Common Per Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------- ------ ------
Net income (loss) $3,857,015 ($401,617)
Less: Preferred stock div (37,460) (37,460)
-------- --------
Income (loss) available to
common stockholders
3,819,555 32,808,000 $0.12 (439,077) 30,214,000 ($0.01)
===== =======
Effect of dilutive securities:
Stock options and warrants 0 187,000 0.00 0 0 ---
Preferred stock 37,460 568,000 --- 37,460 0 ---
------ ------- --- ------ ---------- ---
Income (loss) available to common
stockholders and assumed
conversion $3,857,015 3,563,000 $0.11 ($401,617) 30,214,000 ($0.01)
========== ========= ===== ========== ========== =======
Options and warrants totaling 10,995,000 and 10,288,000 were excluded from the calculation
of diluted earnings per share as their effect was anti-dilutive for the nine months ended
September 30, 2005 and 2004, respectively.
Three Months Ended Three Months Ended
September 30, 2005 September 30, 2004
------------------ ------------------
Income Income
Available to Available to
Common Per Share Common Per Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------ ------ ------
Net income (loss) $2,838,144 ($568,298)
Less: Preferred stock dividends (12,482) (12,482)
-------- --------
Income (loss) available to
common stockholders 2,825,662 33,355,000 $0.08 (580,780) 31,300,000 ($0.02)
==== =======
Effect of dilutive securities:
Stock options and warrants 0 228,000 0.00 0 0 ---
Preferred stock 12,482 568,000 --- 12,482 0 ---
------- -------- --- ------ ------- ---
Income (loss) available to common
stockholders and assumed
conversion $2,838,144 34,151,000 $0.08 ($568,298) 31,300,000 ($0.02)
========= ========== ===== ========== ========== =======
Options and warrants totaling 10,940,000 and 10,995,000 were excluded from the calculation
of diluted earnings per share as their effect was anti-dilutive for the three months ended
September 30, 2005 and 2004, respectively.