1
EXHIBIT 11
Intercargo Corporation and Subsidiaries
Computation of Net Income Per Common Share
1998 1997 1996
--------------------------------------------------
Basic earnings per common share:
Average common shares outstanding 7,609,773 7,670,759 7,645,578
Net income (loss) $(3,372,000) 31,788,000 6,404,000
-----------------------------------------------------
Per common share amount $ (0.44) 4.14 0.84
=====================================================
Diluted earnings per common share:
Average common shares outstanding 7,609,773 7,670,759 7,645,578
Incremental shares from assummed conversions
at the average market prices of
$11.751, $11.319, and $8.771, respectively - 6,702 11,011
-----------------------------------------------------
Total 7,609,773 7,677,461 7,656,589
-----------------------------------------------------
Net income (loss) $ (3,372,000) 31,788,000 6,404,000
-----------------------------------------------------
Per common share amount $ (0.44) 4.14 0.84
=====================================================