EXHIBIT 11
NVR, INC.
COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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1996 1995 1996 1995
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1. Net income $8,274 $5,863 $20,784 $12,539
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2. Weighted average number of shares
outstanding 13,643 15,373 14,696 15,336
3. Shares issuable upon exercise
of dilutive options, warrants and
subscriptions outstanding during
period, based on average market
price 374 -- 442 52
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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 374 -- 442 52
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5. Weighted average number of shares
and share equivalents outstanding
(2 + 3) 14,017 15,373 15,138 15,388
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6. Weighted average number
of shares outstanding assuming
full dilution (2 + 4) 14,017 15,373 15,138 15,388
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7. Net income per share and
share equivalents (1/5) $0.59 $0.38 $1.37 $0.81
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8. Net income per share, assuming
full dilution (1/6) $0.59 $0.38 $1.37 $0.81
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