EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three Months and Nine Months Ended September
30, 2000 and 1999
(Dollars in thousands)
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Three Months Ended Nine Months Ended
September 30, September 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Net Income (Numerator) $ 47,687 $ 39,209 $ 134,974 $ 118,516
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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) 45,834,124 48,617,621 45,847,575 49,028,737
Effect of dilutive shares:
Options outstanding 572,745 178,395 330,759 206,457
Options exercised 6,680 297 2,300 105
Options cancelled - - 524 322
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Average share outstanding
- diluted (denominator) 46,413,549 48,796,313 46,181,158 49,235,621
Net Income per common share:
Basic $ 1.04 $ 0.81 $ 2.94 $ 2.42
Diluted 1.03 0.80 2.92 2.41
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