Exhibit 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three Months and Six Months Ended June 30,
2000 and 1999
(Dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-----------------------------------------------------
2000 1999 2000 1999
------------------------- -------------------------
<S> <C> <C> <C> <C>
Net Income (Numerator) $ 38,729 $ 38,065 $ 87,287 $ 79,307
=========== =========== =========== ===========
Weighted average common
and effect of dilutive
shares used in the
computation of net
income per share:
Average shares outstanding
- basic (denominator) 45,820,057 48,678,533 45,854,375 49,237,702
Effect of dilutive shares:
Options outstanding 303,846 218,645 209,766 220,489
Options exercised 171 - 387 483
Options cancelled 960 18 504 9
----------- ----------- ----------- -----------
Average share outstanding
- diluted (denominator) 46,125,034 48,897,196 46,065,032 49,458,683
Net Income per common share:
Basic $ 0.85 $ 0.78 $ 1.90 $ 1.61
Diluted 0.84 0.78 1.89 1.60
</TABLE>
