Exhibit 11
NVR, Inc.
Computation of Earnings Per Share
(amounts in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
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2001 2000 2001 2000
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1. Net income $ 59,362 $ 37,204 $ 107,282 $ 67,778
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2. Average number of shares
outstanding 8,130 9,098 8,240 9,295
3. Shares issuable upon exercise
of dilutive options, based on
average market price 1,609 1,178 1,582 1,115
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4. Average number of shares
and share equivalents outstanding
(2 + 3) 9,739 10,276 9,822 10,410
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5. Basic earnings per share (1/2) $ 7.30 $ 4.09 $ 13.02 $ 7.29
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6. Diluted earnings per share (1/4) $ 6.10 $ 3.62 $ 10.92 $ 6.51
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