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EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
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ACTUAL PRO FORMA
1996 1995 1995
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Primary:
Weighted average shares outstanding 8,623,690 4,510,001 6,315,832
Common stock equivalents 550,795 66,003 464,842
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9,174,485 4,576,004 6,780,674
============= ============= ============
Fully Diluted:
Weighted average shares outstanding 8,623,690 4,510,001 6,315,832
Common stock equivalents 552,652 66,003 464,842
------------- ------------- ------------
9,176,342 4,576,004 6,780,674
============= ============= ============
Income before extraordinary item and
preferred dividend requirement $ 6,379,083 $ 4,546,445 $ 6,546,773
Preferred dividend requirement - - -
------------- ------------- ------------
Income applicable to common shareholders
and before extraordinary item $ 6,379,083 $ 4,546,445 $ 6,546,773
Extraordinary item - - -
------------- ------------- ------------
Net income applicable to common
shareholders $ 6,379,083 $ 4,546,445 $ 6,546,773
============= ============= ============
Earnings per share:
Primary -
Net income before extraordinary item $ .70 $ .99 $ .97
Extraordinary item - - -
Net income .70 .99 .97
Fully Diluted -
Net income before extraordinary item .70 .99 .97
Extraordinary item - - -
Net income .70 .99 .97
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EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30,
----------------------------------
ACTUAL PRO FORMA
1996 1995 1995
---- ---- ----
Primary:
Weighted average shares outstanding 8,631,029 4,514,521 6,320,469
Common stock equivalents 550,795 66,003 464,842
------------- ------------- ------------
9,181,824 4,580,524 6,785,311
============= ============= ============
Fully Diluted:
Weighted average shares outstanding 8,631,029 4,514,521 6,320,469
Common stock equivalents 552,652 66,003 464,842
------------- ------------- ------------
9,183,681 4,580,524 6,785,311
============= ============= ============
Income before extraordinary item and
preferred dividend requirement $ 493,190 $ 2,313,864 $ 2,807,821
Preferred dividend requirement - - -
------------- ------------- ------------
Income applicable to common shareholders
and before extraordinary item $ 493,190 $ 2,313,864 $ 2,807,821
Extraordinary item - - -
------------- ------------- ------------
Net income applicable to common
shareholders $ 493,190 $ 2,313,864 $ 2,807,821
============= ============= ============
Earnings per share:
Primary -
Net income before extraordinary item $ .05 $ .51 $ .41
Extraordinary item - - -
Net income .05 .51 .41
Fully Diluted -
Net income before extraordinary item .05 .51 .41
Extraordinary item - - -
Net income .05 .51 .41