Exhibit 11
ALLMERICA FINANCIAL CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
For the Period Ended September 30, 1996
(Unaudited)
Three Months Ended Nine MonthsEnded
September 30, September 30,
1996 1996
Primary:
Average shares outstanding 50.1 50.1
Net effect of dilutive stock options
based on the treasury stock
method using average market
price <FN1> - -
----- -----
TOTALS 50.1 50.1
===== =====
Net income $ 46.7 $ 136.6
Per share amount $ 0.93 $ 2.72
Fully diluted:
Average shares outstanding 50.1 50.1
Net effect of dilutive stock options
based on the treasury stock
method using the higher of
period end or average market
price <FN2> - -
----- -----
TOTALS 50.1 50.1
===== =====
Net income $ 46.7 $ 136.6
Per share amount $ 0.93 $ 2.72
<FN>
<FN1> The weighted average incremental options used to calculate primary
earnings per share were 251 and 13,817 for the quarter and nine months ended
September 30, 1996.
<FN2> The weighted average incremental options used to calculate fully diluted
earnings per share were 3,305 and 22,416 for the quarter and nine months ended
September 30, 1996.
</FN>