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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1999 1998 1999 1998
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1. Net income $ 28,263 $ 8,752 $ 54,270 $ 19,612
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2. Average number of shares
outstanding 10,606 11,356 10,774 11,376
3. Shares issuable upon exercise
of dilutive options, warrants and
subscriptions outstanding during
period, based on average market
price 1,921 2,065 1,892 2,055
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4. Average number of shares and
share equivalents outstanding
(2 + 3) 12,527 13,421 12,666 13,431
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5. Basic earnings per share (1/2) $ 2.66 $ 0.77 $ 5.04 $ 1.73
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6. Diluted earnings per share (1/4) $ 2.26 $ 0.65 $ 4.28 $ 1.46
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