EXHIBIT 11
INDEPENDENCE HOLDING COMPANY
Computation of Per Share Earnings
(In Thousands, Except Per Share Amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000 1999
INCOME:
Net income................$ 3,315 $ 2,520 $ 9,130 $ 7,675
SHARES:
Weighted average common
shares outstanding....... 7,898 7,918 7,898 8,018
BASIC INCOME PER SHARE:
Net income per share.......$ .42 $ .32 $ 1.16 $ .96
DILUTED EARNINGS PER SHARE (A)
USE OF PROCEEDS:
Assumed exercise of
options..................$ 3,812 $ 2,427 $ 3,793 $ 3,341
Tax benefit from assumed
exercise of options...... 682 614 507 697
Repurchase of treasury
stock at the average
market price per share of
$12.26, $10.47, $11.17
and $11.04, respectively. (4,494) (3,041) (4,300) (4,038)
Assumed balance to be
reinvested...............$ - $ - $ - $ -
SHARES:
Weighted average shares
outstanding............... 7,898 7,918 7,898 8,018
Shares assumed issued
for options............... 475 404 473 488
Treasury stock assumed
purchased................. (367) (290) (385) (366)
Adjusted average shares
outstanding................ 8,006 8,032 7,986 8,140
DILUTED INCOME PER SHARE:
Net income per share.......$ .41 $ .31 $ 1.14 $ .94
(A) Warrants were not assumed to be exercised as the effect would
have been anti-dilutive.
