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EXHIBIT 11.0
AMERICAN STATES FINANCIAL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
--------- --------- -------- --------
(Dollars in Thousands,
Except Per Share Data)
Primary
- - -------------------------------------------------
Shares outstanding, beginning of period 50,000,000 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering 3,626,373 - 1,823,204 -
Employee benefit plans 18,319 - 9,210 -
---------- ---------- ---------- ----------
Weighted average primary shares outstanding 53,644,692 50,000,000 51,832,414 50,000,000
========== ========== ========== ==========
Net income $29,759 $16,775 $76,672 $82,262
========== ========== ========== =========
Net income per primary common share $.55 $.34 $1.48 $1.65
========== ========== ========== =========
Fully Diluted
- - -------------
Shares outstanding, beginning of period 50,000,000 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering 3,626,373 - 1,823,204 -
Employee benefit plans 18,319 - 9,210 -
---------- ---------- ---------- ----------
Weighted average fully diluted shares outstanding 53,644,692 50,000,000 51,832,414 50,000,000
========== ========== ========== =========
Net income $29,759 $16,775 $76,672 $82,262
========== ========== ========== =========
Net income per fully diluted common share $.55 $.34 $1.48 $1.65
========== ========== ========== =========
Note: The fully diluted calculation is submitted in accordance with Regulation
S-K item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
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