EXHIBIT 11 NVR, Inc. Computation of Earnings Per Share (amounts in thousands, except per Share amounts) Year Ended Year Ended Year Ended December 31, 2000 December 31, 1999 December 31, 1998 ----------------- ----------------- ----------------- 1. Net income $ 158,246 $ 108,881 $ 56,706 ================= ================= ================= 2. Average number of Shares outstanding 9,084 10,190 11,131 3. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on average market price 1,480 1,898 2,169 ----------------- ----------------- ----------------- 4. Average number of Shares and Share equivalents outstanding (2 + 3) 10,564 12,088 13,300 ================= ================= ================= 5. Basic earnings per share (1/2) $ 17.42 $ 10.69 $ 5.10 ================= ================= ================= 6. Diluted earnings per share (1/4) $ 14.98 $ 9.01 $ 4.26 ================= ================= ================= 1