Exhibit 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three Months and Six Months Ended June 30, 2002 and 2001
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
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2002 2001 2002 2001
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Net Income (Numerator) $ 53,407 $ 57,291 $ 114,468 $ 107,421
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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) 51,300,748 46,140,713 49,713,054 46,100,295
Effect of dilutive shares:
Options outstanding 865,975 892,501 910,477 907,078
Options exercised 9,848 39,964 8,110 31,624
Options cancelled 25 14,255 1,149 7,125
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Average share outstanding
- diluted (denominator) 52,176,596 47,087,433 50,632,790 47,046,122
Net Income per common share:
Basic $ 1.04 $ 1.24 $ 2.30 $ 2.33
Diluted $ 1.02 $ 1.22 $ 2.26 $ 2.28