EXHIBIT 11
NVR, INC.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
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1997 1996 1997 1996
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1. Net income $ 9,043 $ 8,770 $ 14,806 $ 12,510
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2. Weighted average number of shares
outstanding 11,796 15,198 12,239 15,240
3. Shares issuable upon exercise
of dilutive options, warrants and
subscriptions outstanding during
period, based on average market
price 904 1,176 913 908
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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 1,030 1,176 1,089 908
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5. Weighted average number of shares
and share equivalents outstanding
(2 + 3) 12,700 16,374 13,152 16,148
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6. Weighted average number of shares
outstanding assuming full dilution
(2 + 4) 12,826 16,374 13,328 16,148
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7. Earnings per share and
share equivalents (1/5) $ 0.71 $ 0.54 $ 1.13 $ 0.77
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8. Earnings per share, assuming
full dilution (1/6) $ 0.71 $ 0.54 $ 1.11 $ 0.77
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