EXHIBIT 11
ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31,
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1993 1992 1991
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(A) Net income................................................. $ 53,200,000 $ 28,700,000 $ 45,901,000
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Number of shares used in calculating primary earnings per
share:
Weighted average outstanding shares during the period.... 18,998,000 18,914,000 18,981,000
Additional common shares issuable under employee stock
options using the treasury stock method (Note 1):...... 299,000 4,000
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(B) Average outstanding shares................................. 19,297,000 18,918,000 18,981,000
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Primary earnings per share
(A) / (B).................................................. $2.76 $1.52 $2.42
Number of shares used in calculating fully diluted earnings
per share:
Weighted average outstanding shares during the period.... 18,998,000 18,914,000 18,981,000
Additional common shares issuable under employee stock
options using the treasury stock method (Note 2):...... 326,000 37,000 1,000
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19,324,000 18,951,000 18,982,000
(C) Average outstanding shares.................................
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Fully diluted earnings per share
(A) / (C).................................................. $2.75 $1.51 $2.42
<FN>
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Notes:
(1) Based on the average quarterly market price of each period. Optioned shares
were anti-dilutive in 1991.
(2) Based on the higher of the average market price or price at the end of each
period.