Exhibit 11
NVR, Inc.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
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2000 1999 2000 1999
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1. Net income $ 37,204 $ 28,263 $ 67,778 $ 54,270
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2. Average number of shares
outstanding 9,098 10,606 9,295 10,774
3. Shares issuable upon exercise
of dilutive options, based on
average market price 1,946 1,921 1,843 1,892
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 11,044 12,527 11,138 12,666
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5. Basic earnings per share (1/2) $ 4.09 $ 2.66 $ 7.29 $ 5.04
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6. Diluted earnings per share (1/4) $ 3.37 $ 2.26 $ 6.09 $ 4.28
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