EXHIBIT 11 NVR, INC. Computation of Earnings Per Share (amounts in thousands, except per share amounts) THREE MONTHS ENDED MARCH 31, ---------------------------- 1998 1997 ------- ------- 1. Net income $10,860 $ 5,763 ======= ======= 2. Average number of shares outstanding 11,453 12,688 3. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on average market price 2,034 971 ------- ------- 4. Average number of shares and share equivalents outstanding (2 + 3) 13,487 13,659 ======= ======= 5. Basic earnings per share $ 0.95 $ 0.45 ======= ======= 6. Diluted earnings per share $ 0.81 $ 0.42 ======= =======