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EXHIBIT 11
DELPHI FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE RESULTS
Three Months Ended Six Months Ended
June 30, June 30,
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1996 1995 1996 1995
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Computation for consolidated statements of income:
Income from operations ............................. $ 13,333,000 $ 10,192,000 $ 23,579,000 $ 14,128,000
Discontinued operations, net of income tax benefit
Loss from operations ............................. (394,000) (404,000) (765,000) (843,000)
Loss on disposal ................................. (5,836,000) -- (5,836,000) --
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Net income ......................................... $ 7,103,000 $ 9,788,000 $ 16,978,000 $ 13,285,000
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Weighted average number of common shares
outstanding during the periods ................... 14,900,170 11,688,073 13,803,697 11,740,333
Add common equivalent shares (determined using
the "treasury stock" method) representing shares
issuable upon exercise of stock options .......... 1,431,162 362,303 1,064,091 374,146
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Weighted average number of common shares used
in computation of earnings per share ............. 16,331,332 12,050,376 14,867,788 12,114,479
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Results per common share:
Income from continuing operations ................ $ 0.81 $ 0.84 $ 1.58 $ 1.17
Discontinued operations, net of income tax benefit
Loss from operations ........................... (0.02) (0.03) (0.05) (0.07)
Loss on disposal ............................... (0.36) -- (0.39) --
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Net income ....................................... $ 0.43 $ 0.81 $ 1.14 $ 1.10
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Assuming full dilution:
Weighted average common shares outstanding ......... 16,331,332 12,050,376 14,867,788 12,114,479
Incremental common shares applicable to stock
options based on the more dilutive of
the common stock ending or average (during
the period) market value per share ............... 28 6,601 1,634 3,343
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Weighted average common shares,
assuming full dilution ........................... 16,331,360 12,056,977 14,869,422 12,117,822
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Results per common share, assuming full dilution:
Income from continuing operations ................ $ 0.81 $ 0.84 $ 1.58 $ 1.17
Discontinued operations, net of income tax benefit
Loss from operations ........................... (0.02) (0.03) (0.05) (0.07)
Loss on disposal ............................... (0.36) -- (0.39) --
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Net income ....................................... $ 0.43 $ 0.81 $ 1.14 $ 1.10
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