Exhibit 11 NVR, Inc. Computation of Earnings Per Share (amounts in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30 September 30 1997 1996 1997 1996 ----------- ----------- ----------- ----------- 1. Net income $ 9,006 $ 8,274 $ 23,812 $ 20,784 =========== ========== =========== =========== 2. Weighted average number of shares outstanding 11,682 13,643 12,051 14,696 3. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on average market price 1,531 374 1,205 442 ----------- ----------- ----------- ----------- 4. Shares issuable upon exercise of dilutive options, warrants and subscriptions outstanding during period, based on higher of average or end of period market price 1,885 374 1,931 442 ----------- ----------- ----------- ----------- 5. Weighted average number of shares and share equivalents outstanding (2 + 3) 13,213 14,017 13,256 15,138 =========== ========== =========== =========== 6. Weighted average number of shares outstanding assuming full dilution (2 + 4) 13,567 14,017 13,982 15,138 =========== ========== =========== =========== 7. Earnings per share and share equivalents (1/5) $ 0.68 $ 0.59 $ 1.80 $ 1.37 =========== ========== =========== =========== 8. Earnings per share, assuming full dilution (1/6) $ 0.66 $ 0.59 $ 1.70 $ 1.37 =========== ========== =========== =========== 17