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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,
--------------------------- --------------------------
1997 1996 1997 1996
------------ ---------- ------------ ----------
(in thousands, except per share amounts)
Primary Earnings Per Share
Income available to common shareholders:
Income from continuing operations . . . . . . . . . . . . . $ 27,049 $ 24,128 $ 70,966 $ 62,184
Less: Loss from discontinued operations . . . . . . . . . -- -- -- (4,532)
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,049 $ 24,128 $ 70,966 $ 57,652
============ ========== ============ ==========
Weighted average number of common and
common equivalent shares:
Average common shares outstanding . . . . . . . . . . . . . 27,979 27,955 27,985 27,890
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . 730 866 634 879
Dilutive effect of preferred stock
after application of "if converted" method . . . . 3,230 3,230 3,230 3,230
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,939 32,051 31,849 31,999
============ ========== ============ ==========
Earnings (loss) per share:
Income from continuing operations . . . . . . . . . . . . . $ .85 $ .75 $ 2.23 $ 1.94
Loss from discontinued operations . . . . . . . . . . . . . -- -- -- (.14)
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .85 $ .75 $ 2.23 $ 1.80
============ ========== ============ ==========
Fully Diluted Earnings Per Share
Income available to common shareholders:
Income from continuing operations . . . . . . . . . . . . . $ 27,049 $ 24,128 $ 70,966 $ 62,184
Less: Loss from discontinued operations . . . . . . . . . -- -- -- (4,532)
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,049 $ 24,128 $ 70,966 $ 57,652
============ ========== ============ ==========
Weighted average number of common and
all dilutive contingent shares:
Average common shares outstanding . . . . . . . . . . . . . 27,979 27,955 27,985 27,890
Add: Dilutive effect of stock options after
application of treasury stock method . . . . . . . 797 867 792 912
Dilutive effect of preferred stock
after application of "if converted" method . . . . 3,910 3,910 3,910 3,910
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,686 32,732 32,687 32,712
============ ========== ============ ==========
Earnings (loss) per share:
Income from continuing operations . . . . . . . . . . . . . $ .83 $ .74 $ 2.17 $ 1.90
Loss from discontinued operations . . . . . . . . . . . . . -- -- -- (.14)
------------ ---------- ------------ ----------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .83 $ .74 $ 2.17 $ 1.76
============ ========== ============ ==========
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