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EXHIBIT 11
CAPSURE HOLDINGS CORP. AND SUBSIDIARIES
EARNINGS PER SHARE COMPUTATION
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Years Ended December 31,
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1994 1993 1992
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,378 $ 16,284 $ 10,695
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Shares:
Weighted average shares outstanding . . . . . . . . . . . . . . . . . . . 15,160 15,036 10,997
Additional shares from assumed warrants and options exercised . . . . . . 256 379 736
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Total shares outstanding for calculation . . . . . . . . . . . . . . . . 15,416 15,415 11,733
Additional shares from assumed warrants and options exercised -
assuming full dilution(1) . . . . . . . . . . . . . . . . . . . . . . . 39 (54) 481
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Total shares outstanding - assuming full dilution . . . . . . . . . . . . 15,455 15,361 12,214
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Earnings per share based on:
Weighted average common shares outstanding . . . . . . . . . . . . . . $ .95 $ 1.08 $ .97
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Weighted average common and common equivalent shares
outstanding(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .93 $ 1.06 $ .91
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Weighted average common and common equivalent shares
outstanding - assuming full dilution(2) . . . . . . . . . . . . . . . $ .93 $ 1.06 $ .88
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(1) Amount is anti-dilutive for 1993.
(2) In 1994 and 1993, the dilutive effect of common stock equivalents was less
than 3%.