Exhibit 11
NVR, Inc.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
Three Months Ended March 31,
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1997 1996
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1. Net income $ 5,763 $ 3,740
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2. Average number of shares outstanding 12,688 15,281
3. Shares issuable upon exercise of
dilutive options, warrants and
subscriptions outstanding during
period, based on average market price 927 115
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4. Shares issuable upon exercise of dilutive
options, warrants and subscriptions
outstanding during period, based on
higher of average or end of period
market price 1,143 115
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5. Average number of shares and share
equivalents outstanding (2 + 3) 13,615 15,396
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6. Average number of shares outstanding
assuming full dilution (2 + 4) 13,831 15,396
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7. Net income per share and share
equivalents (1/5) $ 0.42 $ 0.24
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8. Net income per share assuming
full dilution (1/6) $ 0.42 $ 0.24
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