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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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1995 1994 1993
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(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)
Primary Earnings Per Share
Income available to common shareholders:
Income from continuing operations................... $64,925 $48,696 $ 26,675
Less: Income (loss) from discontinued operations.... 4,543 838 (15,100)
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Net income............................................. 69,468 49,534 11,575
Less: Dividends of preferred stock..................... -- -- (333)
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Total.......................................... $69,468 $49,534 $ 11,242
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Weighted average number of common and common equivalent
shares:
Average common shares outstanding................... 27,854 27,298 21,304
Add: Dilutive effect of stock options after
application of treasury stock method........ 895 1,192 904
Dilutive effect of preferred stock after
application of "if converted" method........ 1,752 -- --
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30,501 28,490 22,208
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Earnings (loss) per share:
Income from continuing operations................... $ 2.13 $ 1.71 $ 1.19
Income (loss) from discontinued operations.......... .15 .03 (.68)
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Total.......................................... $ 2.28 $ 1.74 $ .51
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Fully Diluted Earnings Per Share
Income available to common shareholders:
Income from continuing operations................... $64,925 $48,696 $ 26,675
Less: Income (loss) from discontinued operations.... 4,543 838 (15,100)
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Total.......................................... $69,468 $49,534 $ 11,575
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Weighted average number of common and all dilutive
contingent shares:
Average common shares outstanding................... 27,854 27,298 21,304
Add: Dilutive effect of stock options after
application of treasury stock method........ 928 1,192 1,374
Dilutive effect of preferred stock after
application of "if converted" method........ 2,121 -- 1,028
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30,903 28,490 23,706
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Earnings (loss) per share:
Income from continuing operations................... $ 2.10 $ 1.71 $ 1.13
Income (loss) from discontinued operations.......... .15 .03 (.64)
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Total.......................................... $ 2.25 $ 1.74 $ .49
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