UNITED FIRE & CASUALTY COMPANY AND SUBSIDIARIES
EXHIBIT 11. COMPUTATION OF EARNINGS PER COMMON SHARE
- --------------------------------------------------------------------------------------------------------
(Dollars in Thousands Except Per Share Data and Number of Shares)
- --------------------------------------------------------------------------------------------------------
Weighted Average Net
Three-Month Periods Ended Number of Shares Income Earnings Per
September 30, Outstanding (Loss) Common Share
- --------------------------------------------------------------------------------------------------------
1998 10,088,460 $ (1,963) $ (0.19)
1997 10,727,322 3,591 0.33
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
(Dollars in Thousands Except Per Share Data and Number of Shares)
- --------------------------------------------------------------------------------------------------------
Weighted Average
Nine-Month Periods Ended Number of Shares Net Earnings Per
September 30, Outstanding Income Common Share
- --------------------------------------------------------------------------------------------------------
1998 10,495,773 $ 19,529 $ 1.86
1997 10,727,479 16,112 1.50
- --------------------------------------------------------------------------------------------------------
Computation of weighted average number of common and common equivalent shares:
- -------------------------------------------------------------------------------------------
Three-Month Periods Ended September 30, 1998 1997
- -------------------------------------------------------------------------------------------
Common shares outstanding beginning of the period 10,066,721 10,727,322
Weighted average of the common
shares purchased and retired or reissued 21,739 -
- -------------------------------------------------------------------------------------------
Weighted average number of common shares 10,088,460 10,727,322
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Nine-Month Periods Ended September 30, 1998 1997
- -------------------------------------------------------------------------------------------
Common shares outstanding beginning of the period 10,727,322 10,727,712
Weighted average of the common
shares purchased and retired or reissued (231,549) (233)
- -------------------------------------------------------------------------------------------
Weighted average number of common shares 10,495,773 10,727,479
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
16