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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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1996 1995 1994
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Primary Earnings Per Share
Income available to common shareholders:
Income from continuing operations . . . . . . . . . . . . . . . $ 86,192 $ 64,925 $ 48,696
Less: Income (loss) from discontinued operations . . . . . . . . (4,532) 4,543 838
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,660 $ 69,468 $ 49,534
========== ========== =============
Weighted average number of common and common equivalent
shares:
Average common shares outstanding . . . . . . . . . . . . . . . 27,929 27,854 27,298
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . . . 835 895 1,192
Dilutive effect of preferred stock after
application of "if converted" method . . . . . . . . . . . 3,230 1,752 --
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31,994 30,501 28,490
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Earnings (loss) per share:
Income from continuing operations . . . . . . . . . . . . . . . $ 2.69 $ 2.13 $ 1.71
Income (loss) from discontinued operations . . . . . . . . . . . (.14) .15 .03
---------- ---------- -------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.55 $ 2.28 $ 1.74
========== ========== =============
Fully Diluted Earnings Per Share
Income available to common shareholders:
Income from continuing operations . . . . . . . . . . . . . . . $ 86,192 $ 64,925 $ 48,696
Less: Income (loss) from discontinued operations . . . . . . . . (4,532) 4,543 838
---------- ---------- -------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,660 $ 69,468 $ 49,534
========== ========== =============
Weighted average number of common and all dilutive
contingent shares:
Average common shares outstanding . . . . . . . . . . . . . . . 27,929 27,854 27,298
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . . . 838 928 1,192
Dilutive effect of preferred stock after
application of "if converted" method . . . . . . . . . . . 3,910 2,121 --
---------- ---------- -------------
32,677 30,903 28,490
========== ========== =============
Earnings (loss) per share:
Income from continuing operations . . . . . . . . . . . . . . . $ 2.64 $ 2.10 $ 1.71
Income (loss) from discontinued operations . . . . . . . . . . . (.14) .15 .03
---------- ---------- -------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.50 $ 2.25 $ 1.74
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