EXHIBIT 11-2
NAC RE CORP. AND SUBSIDIARIES
COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE
(Dollars in thousands, except per share amounts)
Fully Diluted Earnings Per Share of Common Stock and Common Stock Equivalents
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Three months ended Nine months ended
September 30, September 30,
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1995 1994 1995 1994
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Net income applicable to Common Stock $17,599 $10,294 $43,568 $26,228
After-tax add back of convertible debenture interest and
amortization 876 876 2,628 2,628
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Adjusted net income $18,475 $11,170 $46,196 $28,856
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Average number of common shares outstanding 17,591,170 17,588,889 17,554,752 17,641,293
Add:
Assumed exercise of dilutive stock options (1) 447,314 234,725 447,988 308,091
Assumed conversion of convertible debentures (2) 2,020,202 2,020,202 2,020,202 2,020,202
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Common stock and common stock equivalents outstanding 20,058,686 19,843,816 20,022,942 19,969,586
Fully diluted earnings per share $0.92 $0.56 $2.31 $1.44
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(1) Computed utilizing the higher of ending or average market price
of the Common Stock for the period.
(2) Reflects the assumed conversion of the Company's 5.25%
Convertible Subordinated Debentures due 2002.
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