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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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1997 1996
----------- ---------
Primary:
Weighted average shares outstanding 8,657,102 8,623,690
Common stock equivalents 496,413 550,795
---------- ----------
9,153,515 9,174,485
========== ==========
Fully Diluted:
Weighted average shares outstanding 8,657,102 8,623,690
Common stock equivalents 502,366 552,652
---------- ----------
9,159,468 9,176,342
========== ==========
Income before extraordinary item and
preferred dividend requirement $9,646,394 $6,379,083
Preferred dividend requirement -- --
---------- ----------
Income applicable to common shareholders
and before extraordinary item $9,646,394 $6,379,083
Extraordinary item -- --
---------- ----------
Net income applicable to common
shareholders $9,646,394 $6,379,083
========== ==========
Earnings per share:
Primary -
Net income before extraordinary item $ 1.05 $ .70
Extraordinary item -- --
Net income 1.05 .70
Fully Diluted -
Net income before extraordinary item 1.05 .70
Extraordinary item -- --
Net income 1.05 .70
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EXHIBIT 11
MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30,
-----------------------------------
1997 1996
---------- ----------
Primary:
Weighted average shares outstanding 8,660,043 8,631,029
Common stock equivalents 515,532 550,795
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9,175,575 9,181,824
========== ==========
Fully Diluted:
Weighted average shares outstanding 8,660,043 8,631,029
Common stock equivalents 496,805 552,652
---------- ----------
9,156,848 9,183,681
========== ==========
Income before extraordinary item and
preferred dividend requirement $3,178,029 $ 493,190
Preferred dividend requirement -- --
---------- ----------
Income applicable to common shareholders
and before extraordinary item $3,178,029 $ 493,190
Extraordinary item -- --
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Net income applicable to common
shareholders $3,178,029 $ 493,190
========== ==========
Earnings per share:
Primary -
Net income before extraordinary item $ .35 $ .05
Extraordinary item -- --
Net income .35 .05
Fully Diluted -
Net income before extraordinary item .35 .05
Extraordinary item -- --
Net income .35 .05
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.