Exhibit 11
ALLMERICA FINANCIAL CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
For the Periods Ended September 30, 1997 and 1996
(in millions, except per share data)
(Unaudited)
Nine Months
Quarter Ended Ended
September 30, September 30,
1997 1996 1997 1996
Primary:
Average shares outstanding 58.3 50.1 52.9 50.1
Net effect of dilutive stock
options based on the treasury
stock method using average
market price 0.1 0.0 0.1 0.0
----- ----- ----- -----
TOTALS 58.4 50.1 53.0 50.1
===== ===== ===== =====
Net income $60.7 $46.7 $114.3 $136.6
==== ===== ===== =====
Per share amount $1.04 $0.93 $2.16 $2.72
Fully diluted:
Average shares outstanding 58.3 50.1 52.9 50.1
Net effect of dilutive stock
options based on the treasury
stock method using the higher
of period end or average
market price 0.2 0.0 0.1 0.0
----- ----- ----- -----
TOTALS 58.5 50.1 53.0 50.1
===== ===== ===== =====
Net income $60.7 $46.7 $114.3 $136.6
===== ===== ===== =====
Per share amount $1.04 $0.93 $2.16 $2.72
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