20TH CENTURY INDUSTRIES AND SUBSIDIARIES
EXHIBIT 11: COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended March 31,
----------------------------
1997 1996
---- ----
(Amounts in thousands, except per share data)
Primary:
Average Shares Outstanding 51,528 51,458
Net effect of dilutive stock
warrants and options based
on the modified treasury
stock method using average
market price 7,744 7,836
--------- ---------
Totals 59,272 59,294
--------- ---------
--------- ---------
Net income $ 26,872 $ 25,583
Dividends on preferred stock (5,061) (5,061)
--------- ---------
Net income applicable
to common stock $ 21,811 $ 20,522
--------- ---------
--------- ---------
Earnings per common share $ .37 $ .35
--------- ---------
--------- ---------
23
20TH CENTURY INDUSTRIES AND SUBSIDIARIES
EXHIBIT 11: COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
Three Months Ended March 31,
----------------------------
1997 1996
---- ----
(Amounts in thousands, except per share data)
Fully diluted:
Average shares outstanding 51,528 51,458
Net effect of dilutive stock
warrants and options based
on the modified treasury
stock method using average
market price or closing price 7,744 7,836
Assuming conversion
of convertible
preferred stock 19,855 19,855
--------- ---------
Totals 79,127 79,149
--------- ---------
--------- ---------
Net income $ 26,872 $ 25,583
Net interest expense reduction - -
--------- ---------
Net income applicable
to common stock $ 26,872 $ 25,583
--------- ---------
--------- ---------
Earnings per common share $ .34 $ .32
--------- ---------
--------- ---------
24