Exhibit 11
NVR, Inc.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
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2000 1999 2000 1999
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1. Net income $ 43,914 $ 30,341 $ 111,692 $ 84,611
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2. Average number of shares
outstanding 8,905 9,900 9,164 10,480
3. Shares issuable upon exercise
of dilutive options, based on
average market price 2,155 2,118 1,974 1,922
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 11,060 12,018 11,138 12,402
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5. Basic earnings per share (1/2) $ 4.93 $ 3.06 $ 12.19 $ 8.07
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6. Diluted earnings per share (1/4) $ 3.97 $ 2.52 $ 10.03 $ 6.82
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