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
three month periods ended March 31, 2006 and 2005.
Three Months Ended Three Months Ended
March 31, 2006 March 31, 2005
-------------- --------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ -------- ------------ ------ ------
Net income $3,312,594 $1,001,017
Less: Preferred stock dividends (12,488) (12,488)
------------ -----------
Income available to common
stockholders $3,300,106 33,470,000 $0.10 $988,529 31,778,000 $0.03
===== =====
Effect of dilutive securities:
Stock options and warrants --- 1,417,000 (0.01) --- 42,000 ---
Preferred stock 12,488 568,000 --- 12,488 568,000 ---
------ ------- ------ ------ ------- -----
Income available to common
stockholders and assumed
conversion $3,312,594 35,455,000 $0.09 $1,001,017 32,388,000 $0.03
========== =========== ===== ========== ========== =====
Options and warrants totaling approximately 6,148,000 and 1,232,000 respectively, were excluded from the calculation of diluted
earnings per share as their effect was anti-dilutive for the three months ended March 31, 2006. Options and warrants totaling
approximately 7,529,000 and 2,894,000 respectively, were excluded from the calculation of diluted earnings per share as their
effect was anti-dilutive for the three months ended March 31, 2005.