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EXHIBIT 11
UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
1995 1994 1995 1994
--------- --------- --------- --------
(in thousands, except for per share data)
Primary Earnings Per Share
Income available to common shareholders:
Income from continuing operations ...................................... $ 19,139 $ 14,939 $ 31,963 $ 28,417
Less: Loss from discontinued operations ................................ (2,713) (240) (2,841) (8)
-------- -------- -------- --------
Total .................................................................. $ 16,426 $ 14,699 $ 29,122 $ 28,409
======== ======== ======== ========
Weighted average number of common and common equivalent shares:
Average common shares outstanding ...................................... 13,749 13,663 13,684 13,608
Add: Dilutive effect of stock options after
application of treasury stock method ............................. 468 748 450 846
Dilutive effect of preferred stock
after application of "if converted" method ....................... 266 -- 134 --
-------- -------- -------- --------
Total .................................................................. 14,483 14,411 14,268 14,454
======== ======== ======== ========
Earnings per share:
Income from continuing operations ...................................... $ 1.32 $ 1.04 $ 2.24 $ 1.97
Loss from discontinued operations ...................................... (.19) (.02) (.20) --
-------- -------- -------- --------
Total .................................................................. $ 1.13 $ 1.02 $ 2.04 $ 1.97
======== ======== ======== ========
Fully Diluted Earnings Per Share
Income available to common shareholders:
Income from continuing operations ...................................... $ 19,139 $ 14,939 $ 31,963 $ 28,417
Less: Loss from discontinued operation ................................. (2,713) (240) (2,841) (8)
-------- -------- -------- --------
Total .................................................................. $ 16,426 $ 14,699 $ 29,122 $ 28,409
======== ======== ======== ========
Weighted average number of common and all dilutive contingent shares:
Average common shares outstanding ...................................... 13,749 13,663 13,684 13,608
Add: Dilutive effect of stock options after
application of treasury stock method ............................. 482 767 504 847
Dilutive effect of preferred stock
after application of "if converted" method ....................... 322 -- 162 --
-------- -------- -------- --------
Total .................................................................. 14,553 14,430 14,350 14,455
======== ======== ======== ========
Earnings per share:
Income from continuing operations ...................................... $ 1.32 $ 1.04 $ 2.23 $ 1.97
Loss from discontinued operations ...................................... (.19) (.02) (.20) --
-------- -------- -------- --------
Total .................................................................. $ 1.13 $ 1.02 $ 2.03 $ 1.97
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