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EXHIBIT 11.1
UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Year Ended December 31,
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1994 1993 1992
----------- ------------ -----------
(in thousands, except per share amounts)
Primary Earnings Per Share
- --------------------------
Income available to common shareholders:
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Income from continuing operations . . . . . . . . $ 54,582 $ 28,317 $ 13,014
Less: Loss from discontinued operations . . . . . (5,048) (16,742) (2,768)
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Net income . . . . . . . . . . . . . . . . . . . . 49,534 11,575 10,246
Less: Dividends on preferred stock . . . . . . . . - (333) -
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Total . . . . . . . . . . . . . . . . . . . . . . $ 49,534 $ 11,242 $ 10,246
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Weighted average number of common and
common equivalent shares:
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Average common shares outstanding . . . . . . . . 13,649 10,652 9,917
Add: Dilutive effect of stock options after
application of treasury stock method . . . 596 452 -
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14,245 11,104 9,917
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Earnings (loss) per share:
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Income from continuing operations . . . . . . . . $ 3.83 $ 2.52 $ 1.31
Loss from discontinued operations . . . . . . . . (.35) (1.51) (.28)
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Total . . . . . . . . . . . . . . . . . . . . . . $ 3.48 $ 1.01 $ 1.03
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Fully Diluted Earnings Per Share
- --------------------------------
Income available to common shareholders:
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Income from continuing operations . . . . . . . . $ 54,582 $ 28,317 $ 13,014
Less: Loss from discontinued operations . . . . . (5,048) (16,742) (2,768)
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . . . . . . $ 49,534 $ 11,575 $ 10,246
========== =========== ==========
Weighted average number of common and
all dilutive contingent shares:
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Average common shares outstanding . . . . . . . . 13,649 10,652 9,917
Add: Dilutive effect of stock options after
application of treasury stock method . . . 596 687 -
Dilutive effect of preferred stock after
application of "if converted" method . . . - 514 -
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14,245 11,853 9,917
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Earnings (loss) per share:
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Income from continuing operations . . . . . . . . $ 3.83 $ 2.39 $ 1.31
Loss from discontinued operations . . . . . . . . (.35) (1.42) (.28)
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Total . . . . . . . . . . . . . . . . . . . . . . $ 3.48 $ .97 $ 1.03
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