UNITED FIRE & CASUALTY COMPANY AND SUBSIDIARIES

PART II - OTHER INFORMATION

Exhibit 11.  Computation of Net Income Per Common Share

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                                    (Dollars in Thousands Except Per Share Data)
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                                     Weighted Average
Three-Month Periods Ended            Number of Shares      Net      Earnings Per
March 31,                               Outstanding       Income    Common Share
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1997                                     10,727,712      $  7,403      $  0.69
1996                                     10,829,448         8,755         0.81 
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Computation of weighted average number of common 
and common equivalent shares:




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Three-Month Periods Ended March 31,                      1997           1996
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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)
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Weighted average number of common shares              10,727,712     10,829,448
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