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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2002 2001 2002 2001
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1. Net income $ 91,980 $ 62,492 $ 252,523 $ 169,774
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2. Average number of shares
outstanding 7,310 7,794 7,349 8,090
3. Shares issuable upon exercise
of dilutive options and deferred
compensation payable in shares
of NVR common stock, based on
average market price 1,764 1,562 1,950 1,574
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 9,074 9,356 9,299 9,664
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5. Basic earnings per share (1/2) $ 12.58 $ 8.02 $ 34.36 $ 20.99
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6. Diluted earnings per share (1/4) $ 10.14 $ 6.68 $ 27.16 $ 17.57
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