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 Outstanding Income Common Share - ---------------------------------------------------------------------------------------------------- Three-Month Periods Ended June 30, 1996...................................... 10,794,675 $ 5,161 $ .48 1995...................................... 10,829,706 7,243 .67 Six-Month Periods Ended June 30, 1996...................................... 10,812,061 13,916 1.29 1995...................................... 10,829,706 13,491 1.25 Computation of weighted average number of common and common equivalent shares: - ---------------------------------------------------------------------------------------- Three-Month Periods Ended June 30, 1996 1995 - ---------------------------------------------------------------------------------------- Common shares outstanding beginning of the period........ 10,829,399 10,829,706 Weighted average of the common shares purchased and retired............................................... (34,724) -- - ---------------------------------------------------------------------------------------- Weighted average number of common shares................. 10,794,675 10,829,706 - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Six-Month Periods Ended June 30, 1996 1995 - ---------------------------------------------------------------------------------------- Common shares outstanding beginning of the period........ 10,829,461 10,829,706 Weighted average of the common shares purchased and retired............................................... (17,400) -- - ---------------------------------------------------------------------------------------- Weighted average number of common shares................. 10,812,061 10,829,706 - ---------------------------------------------------------------------------------------- 13