EXHIBIT - 11.1
ACE LIMITED AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
June 30 June 30
1997 1996 1997 1996
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(in thousands, except per share amounts)
Earnings per share - Primary
Weighted average shares outstanding 55,694,848 46,105,108 57,041,825 46,106,913
Average stock options outstanding (net of repurchased
shares under the treasury stock method) 824,993 374,586 769,541 361,919
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Weighted average shares and share equivalents
outstanding 56,519,841 46,479,694 57,811,366 46,468,832
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Net income $ 130,038 $ 52,476 $ 333,728 $ 202,815
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Earnings per share $ 2.30 $ 1.13 $ 5.77 $ 4.36
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Earnings per share - Assuming full dilution
Weighted average shares outstanding 55,694,848 46,105,108 57,041,825 46,106,913
Average stock options outstanding (net of repurchased
shares under the treasury stock method) 1,039,966 397,205 1,039,966 397,205
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Weighted average shares and share equivalents
outstanding 56,734,814 46,502,313 58,081,791 46,504,118
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Net income 130,038 52,476 333,728 202,815
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Earnings per share 2.29 1.13 5.75 4.36
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