Exhibit 11 LIBERTY FINANCIAL COMPANIES, INC. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (in millions, except share and per share amounts) Year Ended December 31 ----------------------------------------- 1996 1995 1994 ------------- ------------- ------------- Primary net income per common share: Net income $ 100.7 $ 73.9 $ 50.8 Less: cumulative preferred dividends 0.9 0.7 -- ----------- ----------- ----------- Net income available for common shareholders $ 99.8 $ 73.2 $ 50.8 =========== =========== =========== Weighted average shares outstanding 28,235,951 26,430,481 22,814,204 Common stock equivalents 1,410,083 1,265,228 818,073 ----------- ----------- ----------- Total 29,646,034 27,695,709 23,632,277 =========== =========== =========== Primary net income per common share $ 3.36 $ 2.64 $ 2.15 =========== =========== =========== Fully diluted net income per common share: Net income $ 100.7 $ 73.9 $ 50.8 Less: cumulative preferred dividends -- 0.7 -- ----------- ----------- ----------- Net income available for common shareholders $ 100.7 $ 73.2 $ 50.8 =========== =========== =========== Weighted average shares outstanding 28,235,951 26,430,481 22,814,204 Common stock equivalents 1,662,915 1,403,314 818,073 Convertible preferred stock 346,008 -- -- ----------- ----------- ----------- Total 30,244,874 27,833,795 23,632,277 =========== =========== =========== Fully diluted net income per common share $ 3.33 $ 2.63 $ 2.15 =========== =========== ===========