UNITED FIRE & CASUALTY COMPANY AND SUBSIDIARIES PART II - OTHER INFORMATION Exhibit 11. Computation of Net Income Per Common Share - - ------------------------------------------------------------------------------- (Dollars in Thousands Except Per Share Data) - - ------------------------------------------------------------------------------- Weighted Average Three-Month Periods Ended Number of Shares Net Earnings Per March 31, Outstanding Income Common Share - - ------------------------------------------------------------------------------- 1997 10,727,712 $ 7,403 $ 0.69 1996 10,829,448 8,755 0.81 - - ------------------------------------------------------------------------------- Computation of weighted average number of common and common equivalent shares: - - ------------------------------------------------------------------------------- Three-Month Periods Ended March 31, 1997 1996 - - ------------------------------------------------------------------------------- Common shares outstanding beginning of the period 10,727,712 10,829,461 Weighted average of the common shares purchased and retired or reissued -- (13) - - ------------------------------------------------------------------------------- Weighted average number of common shares 10,727,712 10,829,448 - - ------------------------------------------------------------------------------- - - ------------------------------------------------------------------------------- 11