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, 2006 and 2005.
Six Months Ended Six Months Ended
June 30, 2006 June 30, 2005
-------------- -------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------ ------ ----------
Net income $5,286,183 $1,018,872
Less: Preferred stock dividends (24,975) (24,975)
--------------- -------------
Income available to common
stockholders $5,261,208 34,373,000 $0.15 $993,897 32,808,000 $0.03
===== =====
Effect of dilutive securities:
Stock options and warrants --- 1,922,000 --- --- 80,000 ---
Preferred stock 24,975 568,000 --- 24,975 568,000 ---
------ ------- ------ ------ ------- ------
Income available to common
stockholders and assumed
conversion $5,286,183 36,863,000 $0.14 $1,018,872 33,456,000 $0.03
========== ========== ===== ========== ========== =====
Options and warrants totaling approximately 5,468,000 and 897,000 respectively,
were excluded from the calculation of diluted earnings per share as their effect
was anti-dilutive for the six months ended June 30, 2006. Options and warrants
totaling approximately 7,953,000 and 3,195,000 respectively, were excluded from
the calculation of diluted earnings per share as their effect was anti-dilutive
for the six months ended June 30, 2005.
Three Months Ended Three Months Ended
June 30, 2006 June 30, 2005
-------------- -------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------ ------ ----------
Net income $1,973,590 $17,855
Less: Preferred stock dividends (12,488) (12,488)
------------- -------------
Income available to common
stockholders $1,961,102 34,306,000 $0.06 $5,367 32,720,000 $0.00
===== =====
Effect of dilutive securities:
Stock options and warrants --- 2,426,000 --- --- 118,000 ---
Preferred stock 12,488 568,000 --- 12,488 568,000 ---
------ ------- ------ ------ ------- ------
Income available to common
stockholders and assumed
conversion $1,973,590 37,300,000 $0.05 $17,855 33,406,000 $0.00
========== ========== ===== ======= ========== =====
Options and warrants totaling approximately 5,298,000 and 563,000 respectively,
were excluded from the calculation of diluted earnings per share as their effect
was anti-dilutive for the three months ended June 30, 2006. Options and warrants
totaling approximately 7,614,000 and 3,497,000 respectively, were excluded from
the calculation of diluted earnings per share as their effect was anti-dilutive
for the three months ended June 30, 2005.