EXHIBIT 11
INDEPENDENCE HOLDING COMPANY
Computation of Per Share Earnings
(In Thousands, Except Per Share Amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
INCOME:
Net income................$ 3,457 $ 2,712 $ 5,815 $ 5,155
SHARES:
Weighted average common
shares outstanding....... 7,180 7,308 7,180 7,335
BASIC INCOME PER SHARE:
Net income per share.......$ .48 $ .37 $ .81 $ .70
DILUTED EARNINGS PER SHARE (A)
USE OF PROCEEDS:
Assumed exercise of
options..................$ 2,750 $ 2,427 $ 1,434 $ 3,341
Tax benefit from assumed
exercise of options...... 440 664 425 743
Repurchase of treasury
stock at the average
market price per share of
$11.81, $11.93, $11.67
and $12.45, respectively. (3,190) (3,091) (1,859) (4,084)
Assumed balance to be
invested.................$ - $ - $ - $ -
SHARES:
Weighted average shares
outstanding............... 7,180 7,308 7,180 7,335
Shares assumed issued
for options............... 342 367 230 444
Treasury stock assumed
purchased................. (270) (259) (159) (328)
Adjusted average shares
outstanding............... 7,252 7,416 7,251 7,451
DILUTED INCOME PER SHARE:
Net income per share.......$ .48 $ .37 $ .80 $ .69
(A) Warrants were not assumed to be exercised as the effect would
have been anti-dilutive.
