EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three Months and Nine Months Ended September 30, 2001 and 2000
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
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2001 2000 2001 2000
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Net (Loss) Income (Numerator) $ (43,765) $ 47,687 $ 63,656 $ 134,974
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Weighted average common and effect
of dilutive shares used in the
computation of net income per share:
Average shares outstanding
- basic (denominator) 46,227,873 45,834,124 46,143,288 45,847,575
Effect of dilutive shares:
Options outstanding 848,729 572,745 887,628 330,759
Options exercised 12,007 6,680 25,085 2,300
Options cancelled 8,490 - 7,582 524
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Average share outstanding
- diluted (denominator) 47,097,099 46,413,549 47,063,583 46,181,158
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Weighted average common equivalent
shares when anti-dilutive 46,227,873 45,834,124 46,143,288 45,847,575
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Net (Loss) Income per common share:
Basic $ (0.95) $ 1.04 $ 1.38 $ 2.94
Diluted $ (0.95) $ 1.03 $ 1.35 $ 2.92