Exhibit 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(Dollars in thousands)
Three Months Ended
March 30,
-------------------------------------
2003 2002
-------------------------------------
Net Income $ 94,367 $ 61,061
============= =============
Weighted average common and effect
of dilutive shares used in the
computation of net income per share:
Average shares outstanding
- basic 50,896,764 48,108,113
Effect of dilutive shares:
Options outstanding 618,654 970,071
Options exercised 4,598 2,291
Options cancelled 1,073 6,506
------------- -------------
Average share outstanding
- diluted 51,521,089 49,086,980
Weighted average common equivalent
shares when anti-dilutive 50,896,764 48,107,719
Net Income per common share:
Basic $ 1.85 $ 1.27
Diluted $ 1.83 $ 1.24