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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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1996 1995 1994
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Net income .................................................... $13,379 $20,530 $14,378
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Shares:
Weighted average shares outstanding ........................... 15,496 15,404 15,160
Additional shares from assumed warrants and options exercised . 899 298 256
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Total shares outstanding for calculation ...................... 16,395 15,702 15,416
Additional shares from assumed warrants and options exercised -
assuming full dilution .................................... 115 215 39
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Total shares outstanding - assuming full dilution ............. 16,510 15,917 15,455
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Earnings per share based on:
Weighted average common shares outstanding ................ $ .86 $ 1.33 $ .95
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Weighted average common and common equivalent shares
outstanding(1) ........................................ $ .82 $ 1.31 $ .93
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Weighted average common and common equivalent shares
outstanding - assuming full dilution(1) ............... $ .81 $ 1.29 $ .93
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(1) The dilutive effect of common stock equivalents was less than 3% for
1995 and 1994.