Exhibit 11
EXEL LIMITED
COMPUTATION OF EARNINGS PER ORDINARY SHARE AND
ORDINARY SHARE EQUIVALENT
(U.S. dollars in thousands except
per share amounts)
Three Months Ended Six Months Ended
May 31, May 31,
1996 1995 1996 1995
(Unaudited) (Unaudited)
(U.S. Dollars in thousands except per share amounts)
(A) Earnings per ordinary
share and ordinary share
equivalent -- primary:
Weighted average shares
outstanding............ 46,177 53,490 46,681 53,499
Average stock options
outstanding (net of
repurchased shares
under the treasury
stock method).......... 596 283 580 289
----------- ---------- ----------- -----------
Weighted average
ordinary
shares and ordinary
share equivalents
outstanding............ 46,773 53,773 47,261 53,788
----------- ---------- ----------- -----------
Net income:
Actual net income...... $ 88,986 $ 94,531 $ 296,075 $ 151,413
Assumed earnings on
excess option proceeds - - - -
----------- ---------- ----------- -----------
Adjusted net income..... $ 88,986 $ 94,531 $ 296,075 $ 151,413
=========== ========== =========== ===========
Earnings per ordinary
share and ordinary
share equivalent....... $ 1.90 $ 1.76 $ 6.26 $ 2.81
=========== ========== =========== ===========
Three Months Ended Six Months Ended
May 31, May 31,
1996 1995 1996 1995
(Unaudited) (Unaudited)
(U.S. Dollars in thousands except per share amounts)
(B) Earnings per ordinary
share and ordinary share
equivalent -- assuming
full dilution:
Weighted average shares
outstanding............ 46,177 53,490 46,681 53,499
Average stock options
outstanding (net of
repurchased shares
under the treasury
stock method).......... 596 359 600 366
----------- ---------- ----------- -----------
Weighted average
ordinary
shares and ordinary
share equivalents
outstanding............ 46,773 53,849 47,281 53,865
----------- ---------- ----------- -----------
Net income:
Actual net income...... $ 88,986 $ 94,531 $ 296,075 $ 151,413
Assumed earnings on
excess option proceeds - - - -
----------- ---------- ----------- -----------
Adjusted net income..... $ 88,986 $ 94,531 $ 296,075 $ 151,413
=========== ========== =========== ===========
Earnings per ordinary
share and ordinary
share equivalent....... $ 1.90 $ 1.76 $ 6.26 $ 2.81
=========== ========== =========== ===========