1
EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30,
1997 1996
---------- ----------
Primary:
Weighted average shares outstanding 8,655,606 8,619,922
Common stock equivalents 485,427 651,002
---------- ----------
9,141,033 9,270,924
========== ==========
Fully Diluted:
Weighted average shares outstanding 8,655,606 8,619,922
Common stock equivalents 519,625 651,002
---------- ----------
9,175,231 9,270,924
========== ==========
Income before extraordinary item and
preferred dividend requirement $6,468,365 $5,885,893
Preferred dividend requirement - -
---------- ----------
Income applicable to common shareholders
and before extraordinary item $6,468,365 $5,885,893
Extraordinary item - -
---------- ----------
Net income applicable to common
shareholders $6,468,365 $5,885,893
========== ==========
Earnings per share:
Primary -
Net income before extraordinary item $ .71 $ .64
Extraordinary item - -
Net income .71 .64
Fully Diluted -
Net income before extraordinary item .70 .64
Extraordinary item - -
Net income .70 .64
2
EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED JUNE 30,
1997 1996
---------- ----------
Primary:
Weighted average shares outstanding 8,658,358 8,620,000
Common stock equivalents 494,172 651,002
---------- ----------
9,152,530 9,271,002
========== ==========
Fully Diluted:
Weighted average shares outstanding 8,658,358 8,620,000
Common stock equivalents 516,679 651,002
---------- ----------
9,175,037 9,271,002
========== ==========
Income before extraordinary item and
preferred dividend requirement $3,495,470 $3,114,038
Preferred dividend requirement - -
---------- ----------
Income applicable to common shareholders
and before extraordinary item $3,495,470 $3,114,038
Extraordinary item - -
---------- ----------
Net income applicable to common
shareholders $3,495,470 $3,114,038
========== ==========
Earnings per share:
Primary -
Net income before extraordinary item $ .38 $ .34
Extraordinary item - -
Net income .38 .34
Fully Diluted -
Net income before extraordinary item .38 .34
Extraordinary item - -
Net income .38 .34
In February 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 128 ("SFAS 128"), "Earnings per Share".
Adoption of SFAS 128, effective for periods ending after December 15, 1997, is
not expected to have a material effect on reported earnings.