20TH CENTURY INDUSTRIES AND SUBSIDIARIES
EXHIBIT 11: COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended September 30, Nine Months Ended September 30,
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1997 1996 1997 1996
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(Amounts in thousands, except per share data)
Primary:
Average shares outstanding 51,582 51,465 51,552 51,461
Net effect of dilutive stock
warrants and options based
on the modified treasury
stock method using average
market price 9,997 6,629 8,830 7,279
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Totals 61,579 58,094 60,382 58,740
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Net income
$ 33,218 $ 24,345 $ 91,597 $ 81,856
Dividends on preferred stock (5,061) (5,061) (15,185) (15,185)
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Net income applicable
to common stock $ 28,157 $ 19,284 $ 76,412 $ 66,671
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Earnings per common share $ 0.46 $ 0.33 $ 1.27 $ 1.14
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25
20TH CENTURY INDUSTRIES AND SUBSIDIARIES
EXHIBIT 11: COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
1997 1996 1997 1996
---- ---- ---- ----
(Amounts in thousands, except per share data)
Fully diluted:
Average shares outstanding 51,582 51,465 51,552 51,461
Net effect of dilutive stock
warrants and options based
on the modified treasury
stock method using average
market price
10,524 7,794 10,508 7,791
Assuming conversion
of convertible
preferred stock 19,855 19,855 19,855 19,855
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Totals 81,961 79,114 81,915 79,107
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Net income $ 33,218 $ 24,345 $ 91,597 $ 81,856
Net interest expense reduction - - - -
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Net income applicable
to common stock $ 33,218 $ 24,345 $ 91,597 $ 81,856
--------- --------- --------- ---------
--------- --------- --------- ---------
Earnings per common share $ 0.41 $ 0.31 $ 1.12 $ 1.04
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26