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
March 31,
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1996 1995
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Net income applicable to Common Stock $20,772 $11,375
After-tax add back of convertible debenture
interest and amortization 876 876
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Adjusted net income $21,648 $12,251
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Average number of common shares outstanding 19,210,507 17,524,852
Add:
Assumed exercise of dilutive stock options (1) 351,363 372,852
Assumed conversion of convertible debentures (2) 2,020,202 2,020,202
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Common stock and common stock
equivalents outstanding 21,582,072 19,917,906
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Fully diluted earnings per share $1.00 $0.62
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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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