EXHIBIT 11
XL CAPITALLTD
COMPUTATION OF EARNINGS PER ORDINARY SHARE
AND ORDINARY SHARE EQUIVALENT
(U.S. DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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2000 1999 2000 1999
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(UNAUDITED) (UNAUDITED)
BASIC EARNINGS PER SHARE:
Net income........................................... $142,484 $62,708 $366,243 $272,519
Weighted average ordinary shares outstanding......... 124,431 126,785 124,948 127,599
Basic earnings per share............................. $ 1.15 $ 0.49 $ 2.93 $ 2.14
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DILUTED EARNINGS PER SHARE:
Net income........................................... $142,484 $62,708 $366,243 $272,519
Add back after-tax interest on convertible
debentures......................................... -- 876 -- 1,752
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Adjusted net income.................................. 142,484 63,584 366,243 274,271
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Weighted average ordinary shares outstanding-basic... 124,431 126,785 124,948 127,599
Average stock options outstanding (1)................ 1,249 1,254 930 1,923
Assumed conversion of convertible debentures (2)..... -- 1,837 -- 1,837
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Weighted average ordinary shares
outstanding-diluted................................ 125,680 129,876 125,878 131,359
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Diluted earnings per share........................... $ 1.13 $ 0.48 $ 2.91 $ 2.07
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Dividends per share.................................. $ 0.45 $ 0.44 $ 0.90 $ 0.88
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(1) Net of shares repurchased under the treasury stock method.
(2) 1999 reflects the assumed conversion of the 5.25% Convertible Subordinated
Debentures due 2000, formerly issued by NAC Re. These debentures were called
in June 1999 and the actual conversion is reflected in 1999.