EXHIBIT 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
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2002 2001 2002 2001
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Net Income (Loss) $ 61,270 $ (43,765) $ 175,738 $ 63,656
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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 50,976,628 46,227,873 50,138,874 46,143,288
Effect of dilutive shares:
Options outstanding 646,902 848,729 827,649 887,628
Options exercised 2,189 12,007 6,181 25,085
Options cancelled 453 8,490 923 7,582
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Average share outstanding
- diluted 51,626,172 47,097,099 50,973,627 47,063,583
Weighted average common equivalent
shares when anti-dilutive 50,976,628 46,227,873 50,138,874 46,143,288
Net Income (Loss) per common share:
Basic $ 1.20 $ (0.95) $ 3.51 $ 1.38
Diluted $ 1.19 $ (0.95) $ 3.45 $ 1.35