EXHIBIT 11
ALLMERICA FINANCIAL CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
FOR THE PERIOD ENDED DECEMBER 31, 1996
(UNAUDITED)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1996 1996
--------------------- ------------------
(IN MILLIONS, EXCEPT PER SHARE DATA)
PRIMARY:
Average shares
outstanding............ 50.1 50.1
Net effect of dilutive
stock options based on
the treasury stock
method using average
market price(1)........ -- --
----------------- ------------------
TOTALS................... 50.1 50.1
================= ==================
Net income.............. $ 45.3 $ 181.9
Per share amount........ $ 0.91 $ 3.63
FULLY DILUTED:
Average shares
outstanding............ 50.1 50.1
Net effect of dilutive
stock options based on
the treasury stock
method using the higher
of period end or
average market
price(2)............... -- --
----------------- ------------------
TOTALS................... 50.1 50.1
================= ==================
Net income.............. $ 45.3 $ 181.9
Per share amount........ $ 0.91 $ 3.63
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(1) The weighted average incremental options used to calculate primary earnings
per share were 20,947 and 2,482 for the quarter and year ended December 31,
1996, respectively.
(2) The weighted average incremental options used to calculate fully diluted
earnings per share were 24,898 and 8,773 for the quarter and year ended
December 31, 1996, respectively.
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