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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1999 1998 1999 1998
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1. Net income $ 30,341 $ 24,753 $ 84,611 $ 44,365
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2. Average number of shares
outstanding 9,900 10,994 10,480 11,248
3. Shares issuable upon exercise
of dilutive options, warrants and
subscriptions outstanding during
period, based on average market
price 2,118 2,269 1,922 2,111
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 12,018 13,263 12,402 13,359
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5. Basic earnings per share (1/2) $ 3.06 $ 2.25 $ 8.07 $ 3.94
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6. Diluted earnings per share (1/4) $ 2.52 $ 1.87 $ 6.82 $ 3.32
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