EXHIBIT 11.1
KINGSWAY FINANCIAL SERVICES INC.
Computation of Earnings Per Common Share
For the six months ended June 30, 2003 and the
twelve months ended December 31st for the years ended 2002, 2001 and 2000
(In thousands, except per share amounts)
Six Months
Ended Twelve Months Ended
June 30, December 31,
2003 2002 2001 2000
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EARNINGS
Basic:
Net income, available to common shareholders $51,658 $79,532 $44,931 $27,470
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Diluted:
Net income, available to common shareholders $51,658 $79,530 $44,931 $27,470
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COMMON SHARES
Basic:
Weighted average shares outstanding 48,880 48,743 37,202 33,985
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Diluted:
Weighted average shares outstanding 48,880 48,743 37,202 33,985
Effect of dilutive securities:
Stock options 627 684 654 356
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Weighted average, as adjusted 49,507 49,427 37,856 37,341
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EARNINGS PER COMMON SHARE
Basic: $1.06 $1.63 $1.21 $0.81
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Diluted: $1.04 $1.61 $1.19 $0.80
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