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AMERICAN STATES FINANCIAL CORPORATION Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
March 31,
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1997 1996
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(Dollars in Thousands,
Except Per Share Data)
Primary
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Shares outstanding, beginning and ending of period 60,050,515 50,000,000
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Net income $ 54,027 $ 46,913
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Net income per primary common share $ .90 $ .94
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Fully Diluted
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Shares outstanding, beginning and ending of period 60,050,515 50,000,000
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Net income $ 54,027 $ 46,913
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Net income per fully diluted common share $ .90 $ .94
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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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