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EXHIBIT 11
UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Three Months Ended March 31,
---------------------------------
1997 1996
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(in thousands, except per share amounts)
Primary Earnings Per Share
- --------------------------
Income available to common shareholders:
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Income from continuing operations . . . . . . . . . . . . . $ 20,158 $ 17,229
Income from discontinued operations . . . . . . . . . . . . - 610
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,158 $ 17,839
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Weighted average number of common and
common equivalent shares:
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Average common shares outstanding . . . . . . . . . . . . . 28,004 27,850
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . 639 868
Dilutive effect of preferred stock
after application of "if converted" method . . . . 3,230 3,230
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,873 31,948
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Earnings per share:
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Income from continuing operations . . . . . . . . . . . . . $ .63 $ .54
Income from discontinued operations . . . . . . . . . . . . - .02
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .63 $ .56
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Fully Diluted Earnings Per Share
- --------------------------------
Income available to common shareholders:
----------------------------------------
Income from continuing operations . . . . . . . . . . . . . $ 20,158 $ 17,229
Income from discontinued operations . . . . . . . . . . . . - 610
----------- ------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,158 $ 17,839
=========== ============
Weighted average number of common and
all dilutive contingent shares:
-----------------------------------------------
Average common shares outstanding . . . . . . . . . . . . . 28,004 27,850
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . 639 965
Dilutive effect of preferred stock
after application of "if converted" method . . . . 3,910 3,910
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,553 32,725
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Earnings per share:
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Income from continuing operations . . . . . . . . . . . . . $ .62 $ .53
Income from discontinued operations . . . . . . . . . . . . - .02
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .62 $ .55
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