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EXHIBIT 11
CAPSURE HOLDINGS CORP. AND SUBSIDIARIES
EARNINGS PER SHARE COMPUTATION
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Years Ended December 31,
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1995 1994 1993
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Net income ..................................................... $ 20,530 $ 14,378 $ 16,284
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Shares:
Weighted average shares outstanding ............................ 15,404 15,160 15,036
Additional shares from assumed warrants and options exercised .. 298 256 379
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Total shares outstanding for calculation ....................... 15,702 15,416 15,415
Additional shares from assumed warrants and options exercised -
assuming full dilution(1) .................................... 215 39 (54)
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Total shares outstanding - assuming full dilution .............. 15,917 15,455 15,361
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Earnings per share based on:
Weighted average common shares outstanding ................... $ 1.33 $ .95 $ 1.08
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Weighted average common and common equivalent shares
outstanding(2) ............................................ $ 1.31 $ .93 $ 1.06
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Weighted average common and common equivalent shares
outstanding - assuming full dilution(2) ................... $ 1.29 $ .93 $ 1.06
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(1) Amount is anti-dilutive for 1993.
(2) The dilutive effect of common stock equivalents was less than 3% for all
years.