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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2001 2000 2001 2000
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1. Net income $ 62,492 $ 43,914 $ 169,774 $ 111,692
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2. Average number of shares
outstanding 7,794 8,905 8,090 9,164
3. Shares issuable upon exercise
of dilutive options, based on
average market price 1,562 1,304 1,574 1,194
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 9,356 10,209 9,664 10,358
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5. Basic earnings per share (1/2) $ 8.02 $ 4.93 $ 20.99 $ 12.19
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6. Diluted earnings per share (1/4) $ 6.68 $ 4.30 $ 17.57 $ 10.78
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