1 UNITED FIRE & CASUALTY COMPANY AND SUBSIDIARIES PART II - OTHER INFORMATION Exhibit 11. Computation of Net Income Per Common Share - ---------------------------------------------------------------------------------------------- (Dollars in Thousands Except Per Share Data) - ---------------------------------------------------------------------------------------------- Weighted Average Number of Shares Net Earnings Per Three Months Ended March 31, Outstanding Income Common Share - ---------------------------------------------------------------------------------------------- 1996................................ 10,829,448 $8,755 $.81 1995................................ 10,829,706 6,248 .58 - ---------------------------------------------------------------------------------------------- Computation of weighted average number of common and common equivalent shares: - ---------------------------------------------------------------------------------------------- Three Months Ended March 31, 1996 1995 - ---------------------------------------------------------------------------------------------- Common shares outstanding beginning of the period........... 10,829,461 10,829,706 Weighted average of the common shares purchased and retired.................................................. (13) -- - ---------------------------------------------------------------------------------------------- Weighted average number of common shares.................... 10,829,448 10,829,706 - ---------------------------------------------------------------------------------------------- 12