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AMERICAN STATES FINANCIAL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
EXHIBIT 11.0
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
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(Dollars in Thousands,
Except Per Share Data)
Primary
Shares outstanding, beginning of period 60,050,515 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering - - 4,578,755 -
Employee benefit plans - - 23,129 -
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Weighted average primary shares outstanding 60,050,515 50,000,000 54,601,884 50,000,000
========== ========== ========== ==========
Net income $40,429 $58,871 $117,101 $141,133
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Net income per primary common share $ .67 $ 1.18 $ 2.14 $ 2.82
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Fully Diluted
Shares outstanding, beginning of period 60,050,515 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering - - 4,578,755 -
Employee benefit plans - - 23,129 -
---------- ---------- ---------- ----------
Weighted average fully diluted shares outstanding 60,050,515 50,000,000 54,601,884 50,000,000
========== ========== ========== ==========
Net income $40,429 $58,871 $117,101 $141,133
========== ========== ========== ==========
Net income per fully diluted common share $ .67 $ 1.18 $ 2.14 $ 2.82
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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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