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EXHIBIT 11
UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ----------------------
1996 1995 1996 1995
---------- ---------- --------- ---------
(in thousands, except per share amounts)
Primary Earnings Per Share
- --------------------------
Income available to common shareholders:
----------------------------------------
Income from continuing operations . . . . . . . . . . . $ 24,128 $ 19,732 $ 62,184 $ 46,466
Less: Income (loss) from discontinued operations . . . - 1,516 (4,532) 3,903
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,128 $ 21,248 $ 57,652 $ 50,369
========== ========== ========= =========
Weighted average number of common and
common equivalent shares:
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Average common shares outstanding . . . . . . . . . . . 27,955 27,750 27,890 27,499
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . 866 908 879 896
Dilutive effect of preferred stock
after application of "if converted" method . . 3,230 3,230 3,230 1,254
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . 32,051 31,888 31,999 29,649
========== ========== ========= =========
Earnings (loss) per share:
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Income from continuing operations . . . . . . . . . . . $ .75 $ .62 $ 1.94 $ 1.57
Income (loss) from discontinued operations . . . . . . - .05 (.14) .13
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . $ .75 $ .67 $ 1.80 $ 1.70
========== ========== ========= =========
Fully Diluted Earnings Per Share
- --------------------------------
Income available to common shareholders:
----------------------------------------
Income from continuing operations . . . . . . . . . . . $ 24,128 $ 19,732 $ 62,184 $ 46,466
Less: Income (loss) from discontinued operations . . . - 1,516 (4,532) 3,903
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,128 $ 21,248 $ 57,652 $ 50,369
========== ========== ========= =========
Weighted average number of common and
all dilutive contingent shares:
-------------------------------------
Average common shares outstanding . . . . . . . . . . . 27,955 27,750 27,890 27,499
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . 867 960 912 1,067
Dilutive effect of preferred stock
after application of "if converted" method . . 3,910 3,910 3,910 1,518
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . 32,732 32,620 32,712 30,084
========== ========== ========= =========
Earnings (loss) per share:
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Income from continuing operations . . . . . . . . . . . $ .74 $ .60 $ 1.90 $ 1.54
Income (loss) from discontinued operations . . . . . . - .05 (.14) .13
---------- ---------- --------- ---------
Total . . . . . . . . . . . . . . . . . . . . . . . . . $ .74 $ .65 $ 1.76 $ 1.67
========== ========== ========= =========
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