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 ------------------ ----------------- 1996 1995 1996 1995 ---- ---- ---- ---- 1. Net income $8,274 $5,863 $20,784 $12,539 ------ ------ ------- ------- 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 ------ ------ ------ ------ 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 ------ ------ ------ ------ 5. Weighted average number of shares and share equivalents outstanding (2 + 3) 14,017 15,373 15,138 15,388 ------ ------ ------ ------ ------ ------ ------ ------ 6. Weighted average number of shares outstanding assuming full dilution (2 + 4) 14,017 15,373 15,138 15,388 ------ ------ ------ ------ ------ ------ ------ ------ 7. Net income per share and share equivalents (1/5) $0.59 $0.38 $1.37 $0.81 ------ ------ ------ ------ ------ ------ ------ ------ 8. Net income per share, assuming full dilution (1/6) $0.59 $0.38 $1.37 $0.81 ------ ------ ------ ------ ------ ------ ------ ------ 18