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AMERICAN STATES FINANCIAL CORPORATION Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
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(Dollars in Thousands, Except Per Share Data)
Primary
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Shares outstanding, beginning of period 60,050,515 50,000,000 60,050,515 50,000,000
Weighted average shares issued during period:
Stock offering - 3,626,373 - 1,823,204
Employee benefit plans - 18,319 - 9,210
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Weighted average primary shares outstanding 60,050,515 53,644,692 60,050,515 51,832,414
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Net income $ 44,239 $ 29,759 $ 98,266 $ 76,672
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Net income per primary common share $ .74 $ .55 $ 1.64 $ 1.48
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Fully Diluted
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Shares outstanding, beginning of period 60,050,515 50,000,000 60,050,515 50,000,000
Weighted average shares issued during period:
Stock offering - 3,626,373 - 1,823,204
Employee benefit plans - 18,319 - 9,210
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Weighted average fully diluted shares outstanding 60,050,515 53,644,692 60,050,515 51,832,414
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Net income $ 44,239 $ 29,759 $ 98,266 $ 76,672
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Net income per fully diluted common share $ .74 $ .55 $ 1.64 $ 1.48
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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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