EXHIBIT 11 NVR, INC. Computation of Earnings Per Share (amounts in thousands, except per share amounts) THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, --------------------------- ------------------------- 1996 1995 1996 1995 -------- -------- -------- -------- 1. Net income $ 8,770 $ 5,261 $ 12,510 $ 6,676 ======== ======== ======== ======== 2. Weighted average number of shares outstanding 15,198 15,365 15,240 15,316 3. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on average market price 1,176 - 908 79 -------- -------- -------- -------- 4. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on higher of average or end of period market price 1,176 - 908 79 -------- -------- -------- -------- 5. Weighted average number of shares and share equivalents outstanding (2 + 3) 16,374 15,365 16,148 15,395 ======== ======== ======== ======== 6. Weighted average number of shares outstanding assuming full dilution (2 + 4) 16,374 15,365 16,148 15,395 ======== ======== ======== ======== 7. Net income per share and share equivalents (1/5) $ 0.54 $ 0.34 $ 0.77 $ 0.43 ======== ======== ======== ======== 8. Net income per share, assuming full dilution (1/6) $ 0.54 $ 0.34 $ 0.77 $ 0.43 ======== ======== ======== ========