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EXHIBIT 11.1
CRAWFORD & COMPANY AND SUBSIDIARIES
COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE
YEAR ENDED DECEMBER 31, 1996
GENERAL INFORMATION:
Net income $42,810,215
Weighted average common shares outstanding 51,032,111
Dilutive option shares outstanding at year-end 2,688,867
Option shares outstanding prior to exercise during year 163,520
Average exercise price per outstanding dilutive option share $11.50
Average market price per share $14.43
Year-end market price per share $14.83
Average market price of shares issued upon exercise during year $13.07
COMPUTATIONS:
Dilutive option shares outstanding at year-end 2,688,687
Shares repurchased at $14.43
(proceeds of $30,913,329 divided by $14.43) (2,142,135)
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Net additional shares issuable 546,732
Dilutive Option shares outstanding from the
1996 Employee Stock Purchase Plan 35,457
Shares repurchased at $14.12
(proceeds of $339,070 divided by $14.42) (23,519)
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Net additional shares issuable 11,938
Option shares outstanding prior to exercise during year 163,520
Shares repurchased at $13.07
(proceeds of $1,474,477 divided by $13.07) (112,843)
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Net additional shares issued 50,677
Contingently issuable shares related to convertible notes payable
issued November 30, 1994 809,730
Weighted average common shares outstanding 51,032,111
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Adjusted shares outstanding 52,451,188
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FULLY DILUTED EARNINGS PER SHARE:
Net income ($42,810,215 divided by 52,451,188) $0.82
PERCENTAGE DILUTION:
Net income ($.02 divided by $0.84) 2.38%
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