1
EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30,
---------------------------------
ACTUAL PRO FORMA
1996 1995 1995
---------- ---------- ----------
Primary:
Weighted average shares outstanding 8,619,922 4,507,703 6,313,475
Common stock equivalents 651,002 66,003 464,842
----------- ----------- -----------
9,270,924 4,573,706 6,778,317
=========== =========== ===========
Fully Diluted:
Weighted average shares outstanding 8,619,922 4,507,703 6,313,475
Common stock equivalents 623,053 66,003 464,842
----------- ----------- -----------
9,242,975 4,573,706 6,778,317
=========== =========== ===========
Income before extraordinary item and
preferred dividend requirement $ 5,885,893 $ 2,232,581 $ 3,738,952
Preferred dividend requirement - - -
----------- ----------- -----------
Income applicable to common shareholders
and before extraordinary item 5,885,893 2,232,581 3,738,952
Extraordinary item - - -
----------- ----------- -----------
Net income applicable to common
shareholders $ 5,885,893 $ 2,232,581 $ 3,738,952
=========== =========== ===========
Earnings per share:
Primary -
Net income before extraordinary item $ .64 $ .49 $ .55
Extraordinary item - - -
Net income .64 .49 .55
Fully Diluted -
Net income before extraordinary item .64 .49 .55
Extraordinary item - - -
Net income .64 .49 .55
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EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED JUNE 30,
------------------------------
ACTUAL PRO FORMA
1996 1995 1995
---------- ---------- ----------
Primary:
Weighted average shares outstanding 8,620,000 4,516,393 6,322,341
Common stock equivalents 651,002 66,003 464,842
----------- ----------- -----------
9,271,002 4,582,396 6,787,183
=========== =========== ===========
Fully Diluted:
Weighted average shares outstanding 8,620,000 4,516,393 6,322,341
Common stock equivalents 623,053 66,003 464,842
----------- ----------- -----------
9,243,053 4,582,396 6,787,183
=========== =========== ===========
Income before extraordinary item and
preferred dividend requirement $ 3,114,038 $ 1,228,796 $ 1,929,727
Preferred dividend requirement - - -
----------- ----------- -----------
Income applicable to common shareholders
and before extraordinary item 3,114,038 1,228,796 1,929,727
Extraordinary item - - -
----------- ----------- -----------
Net income applicable to common
shareholders $ 3,114,038 $ 1,228,796 $ 1,929,727
=========== =========== ===========
Earnings per share:
Primary -
Net income before extraordinary item $ .34 $ .27 $ .28
Extraordinary item - - -
Net income .34 .27 .28
Fully Diluted -
Net income before extraordinary item .34 .27 .28
Extraordinary item - - -
Net income .34 .27 .28