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
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1. Net income $ 9,006 $ 8,274 $ 23,812 $ 20,784
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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
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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
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5. Weighted average number of shares
and share equivalents outstanding
(2 + 3) 13,213 14,017 13,256 15,138
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6. Weighted average number of shares
outstanding assuming full dilution
(2 + 4) 13,567 14,017 13,982 15,138
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7. Earnings per share and
share equivalents (1/5) $ 0.68 $ 0.59 $ 1.80 $ 1.37
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8. Earnings per share, assuming
full dilution (1/6) $ 0.66 $ 0.59 $ 1.70 $ 1.37
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