EXHIBIT 11
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
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Year Ended December 31,
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1994 1993 1992
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Primary earnings per share:
Per share numerator (in millions):
After tax earnings $ 21.1 $ 70.4 $ 54.2
Dividends to preferred stockholders (9.9) (12.2) (19.9)
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After tax earnings applicable to common stock 11.2 58.2 34.3
Gain from sale of discontinued operations, after tax -- -- .7
Cumulative effect of accounting change -
purchased mortgage servicing, after tax (44.3) -- --
Cumulative effect of accounting change - postretirement
benefits, after tax -- -- (1.9)
Cumulative effect of accounting change - income taxes -- -- (23.8)
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Net income (loss) for per share computation $ (33.1) $ 58.2 $ 9.3
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Per share denominator (in thousands):
Average common shares outstanding 8,874 9,593 11,556
Dilutive options, warrants and performance shares 531 655 1,141
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Shares for per share computation 9,405 10,248 12,697
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Per share earnings (in dollars):
After tax earnings $ 1.20 $ 5.68 $ 2.71
Net income (loss) (3.51) 5.68 .74
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Fully Diluted earnings per share:
Per share numerator (in millions):
After tax earnings $ 21.1 $ 70.4 $ 54.2
Dividends to preferred stockholders (9.9) (12.2) (19.9)
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After tax earnings applicable to common stock 11.2 58.2 34.3
Gain from sale of discontinued operations, after tax -- -- .7
Cumulative effect of accounting change -
purchased mortgage servicing, after tax (44.3) -- --
Cumulative effect of accounting change - postretirement
benefits, after tax -- -- (1.9)
Cumulative effect of accounting change - income taxes -- -- (23.8)
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Net income (loss) for per share computation $ (33.1) $ 58.2 $ 9.3
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Per share denominator (in thousands):
Average common shares outstanding 8,874 9,593 11,556
Dilutive options, warrants and performance shares 534 655 1,169
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Shares for per share computation 9,408 10,248 12,725
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Per share earnings (in dollars):
After tax earnings $ 1.20 $ 5.68 $ 2.70
Net income (loss) (3.51) 5.68 .73
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