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Exhibit 11
AMERICAN STATES FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Year Ended December 31,
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1996 1995 1994
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(Dollars in Thousands
Except Per Share Data)
Primary
- - -------
Shares outstanding, beginning of period 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering 5,945,206 - -
Employee benefit plans 30,032 - -
---------- ---------- ----------
Weighted average primary shares outstanding 55,975,238 50,000,000 50,000,000
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Net income $ 169,706 $ 178,264 $ 184,558
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Net income per primary common share $ 3.03 $ 3.57 $ 3.69
========== ========== ==========
Fully Diluted
- - -------------
Shares outstanding, beginning of period 50,000,000 50,000,000 50,000,000
Weighted average shares issued during period:
Stock offering 5,945,206 - -
Employee benefit plans 30,032 - -
---------- ---------- ----------
Weighted average fully diluted shares outstanding 55,975,238 50,000,000 50,000,000
========== ========== ==========
Net income $ 169,706 $ 178,264 $ 184,558
========== ========== ==========
Net income per fully diluted common share $ 3.03 $ 3.57 $ 3.69
========== ========== ==========
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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