LIBERTY FINANCIAL COMPANIES, INC. EXHIBIT 11 - Statement re Computation of Per Share Earnings (in millions, except share and per share amounts) Three Months Ended March 31 ------------------ 1997 1996 ---- ---- Primary net income per common share: Net income $ 35.0 $ 23.8 Less: cumulative preferred dividends 0.2 0.2 ----------- ----------- Net income available for common shareholders $ 34.8 $ 23.6 =========== =========== Weighted average shares outstanding 28,775,797 27,781,577 Common stock equivalents 1,714,353 1,480,752 ----------- ----------- Total 30,490,150 29,262,329 =========== =========== Primary net income per common share $ 1.14 $ 0.81 =========== =========== Fully diluted net income per common share: Net income $ 35.0 $ 23.8 =========== =========== Weighted average shares outstanding 28,775,797 27,781,577 Common stock equivalents 1,714,353 1,486,397 Convertible preferred stock 345,638 346,062 ----------- ----------- Total 30,835,788 29,614,036 =========== =========== Fully diluted net income per common share $ 1.14 $ 0.80 =========== ===========