LIBERTY FINANCIAL COMPANIES, INC. EXHIBIT 11 - Statement re Computation of Per Share Earnings (in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30 June 30 ------- ------- 1996 1995 1996 1995 ---- ---- ---- ---- Primary net income per common share: Net income $ 23,058 $ 21,082 $ 46,880 $ 31,161 Less: cumulative preferred dividends 235 236 471 254 ---------- ---------- ---------- ---------- Net income available for common shareholders $ 22,823 $ 20,846 $ 46,409 $ 30,907 ========== ========== ========== ========== Weighted average shares outstanding 28,159,518 27,499,994 27,970,547 25,352,091 Common stock equivalents 1,451,876 1,284,282 1,466,353 1,160,612 ---------- ---------- ---------- ---------- Total 29,611,394 28,784,276 29,436,900 26,512,703 ========== ========== ========== ========== Primary net income per common share $0.77 $0.72 $1.58 $1.17 ========== ========== ========== ========== Fully diluted net income per common share: Net income $23,058 $21,082 $46,880 $31,161 Less: cumulative preferred dividends 235 236 471 254 ---------- ---------- ---------- ---------- Net income available for common shareholders $22,823 $20,846 $46,409 $30,907 ========== ========== ========== ========== Weighted average shares outstanding 28,159,518 27,499,994 27,970,547 25,352,091 Common stock equivalents 1,513,687 1,293,806 1,546,353 1,173,910 ---------- ---------- ---------- ---------- Total 29,673,205 28,793,800 29,516,900 26,526,001 ========== ========== ========== ========== Fully diluted net income per common share $0.77 $0.72 $1.57 $1.17 ========== ========== ========== ==========