EXHIBIT 11
NVR, INC.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
THREE MONTHS ENDED SEPT. 30, NINE MONTHS ENDED SEPT. 30,
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1998 1997 1998 1997
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1. Net income $24,753 $ 9,006 $44,365 $23,812
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2. Average number of shares
outstanding 10,994 11,682 11,248 12,051
3. Shares issuable upon exercise
of dilutive options, warrants and
subscriptions outstanding during
period, based on average market
price 2,269 1,531 2,111 1,212
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 13,263 13,213 13,359 13,263
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5. Basic earnings per share (1/2) $ 2.25 $ 0.77 $ 3.94 $ 1.98
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6. Diluted earnings per share (1/4) $ 1.87 $ 0.68 $ 3.32 $ 1.80
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