Exhibit 11.1 EVEREST RE GROUP, LTD. COMPUTATION OF EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 (DOLLARS IN THOUSANDS) Years Ended December 31, ----------------------------------------------------- 2002 2001 2000 ----------------------------------------------------- Net Income $ 231,303 $ 99,018 $ 186,379 ============ ============ ============ Weighted average common and effect of dilutive shares used in the computation of net income per share: Average shares outstanding - basic 50,325,465 46,173,895 45,873,232 Effect of dilutive shares: Options outstanding 807,230 914,630 471,951 Options exercised 4,916 7,251 12,780 Options cancelled 1,247 17,963 540 ------------ ------------ ------------ Average share outstanding - diluted 51,138,858 47,113,739 46,358,503 Net Income per common share: Basic $ 4.60 $ 2.14 $ 4.06 Diluted $ 4.52 $ 2.10 $ 4.02