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EXHIBIT 11
Intercargo Corporation and Subsidiaries
Computation of Net Income Per Common Share
1995 1994 1993
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Primary earnings per common share:
Average common shares outstanding 7,640,981 7,639,646 7,068,651
Shares assumed to be repurchased under the
treasury stock method at average market prices
of $10.321, $9.302 and $13.043, respectively (1) 22,656 22,096 52,420
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Total 7,667,637 7,661,742 7,121,071
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Net income $2,139,000 4,981,000 2,138,000
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Per common share amount $0.28 0.65 0.30
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Fully diluted earnings per common share:
Average common shares outstanding 7,640,981 7,639,646 7,068,651
Shares assumed to be repurchased under the
treasury stock method at the average market
prices of $10.321, $9.302, and $13.043, respectively (1) 26,656 22,096 52,500
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Total 7,667,637 7,661,742 7,121,151
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Net income $2,139,000 4,981,000 2,138,000
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Per common share amount $0.28 0.65 0.30
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(1) Earnings per share are computed based upon the weighted average
number of common stock and common stock market equivalents outstanding
during each year.