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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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1997 1996 1995
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Basic Earnings Per Share
Income from continuing operations......................... $80,581 $86,192 $64,925
Less: Income (loss) from discontinued operations.......... (5,981) (4,532) 4,543
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Net income................................................ $74,600 $81,660 $69,468
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Weighted average number of common and common equivalent
shares:
Average common shares outstanding...................... 28,013 27,929 27,854
Add: Dilutive effect of preferred stock after
application of
"if converted" method............................ 3,211 3,230 1,752
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31,224 31,159 29,606
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Earnings (loss) per share:
Income from continuing operations...................... $ 2.58 $ 2.77 $ 2.19
Income (loss) from discontinued operations............. (.19) (.15) .16
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Total............................................. $ 2.39 $ 2.62 $ 2.35
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Diluted Earnings Per Share
Income from continuing operations......................... $80,581 $86,192 $64,925
Less: Income (loss) from discontinued operations....... (5,981) (4,532) 4,543
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Total............................................. $74,600 $81,660 $69,468
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Weighted average number of common and all dilutive shares:
Average common shares outstanding...................... 28,013 27,929 27,854
Add: Dilutive effect of stock options after application
of treasury
stock method..................................... 596 838 906
Dilutive effect of preferred stock after
application of
"if converted" method............................ 3,887 3,910 2,121
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32,496 32,677 30,881
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Earnings (loss) per share:
Income from continuing operations...................... $ 2.48 $ 2.64 $ 2.10
Income (loss) from discontinued operations............. (.18) (.14) .15
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Total............................................. $ 2.30 $ 2.50 $ 2.25
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The weighted average anti-dilutive shares that were excluded from the
computation of diluted earnings per share were 546,275, 69,836 and 10,646 for
1997, 1996 and 1995, respectively.