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KAYE GROUP INC EXHIBIT 11
Earnings Per Share Calculation Page 1 of 4
For the Three Months Ended June 30, 2000
Shares outstanding at 12/31/99 8,458,295 (A)
Plus: Net Issuance of Treasury Stock 10,878
---------
Balance @ 6/30/00 8,469,173 (B)
Balance @ 3/31/00 8,463,357 (C)
---------
Weighted average 8,466,265 [(B)+(C)] /2
=========
Three months
ended
June 30, 2000
=============
Net Income $ 2,917,000 (1)
I. Average Shares: 8,466,265 (2)
II. Basic EPS 0.3445 (1) / (2)
---------
III. Diluted EPS
Weighted Average Shares 8,466,265 (2)
Dilution 103,567 (3)
---------
8,569,832 (4)
=========
Diluted EPS 0.3404 (1) / (4)
---------
<PAGE>
KAYE GROUP INC EXHIBIT 11
Earnings Per Share Calculation Page 2 of 4
For the Three Months Ended June 30, 2000
<TABLE>
<CAPTION>
IV. Outstanding at June 30, 2000
Weighted
Units Price/Share Proceeds Average Proceeds
========== =========== =========== ========== ==========
<S> <C> <C> <C> <C> <C>
A. Options (8/17/93) 75,500 $ 10.000 $ 755,000
Options (1/24/94 5,000 10.910 54,550
Options (2/3/94) 500 11.630 5,815
Options (9/13/95) 15,000 7.880 118,200
Options (10/25/95) 39,750 8.430 335,093
Options (5/15/96) 10,000 7.060 70,600
Options (12/27/96) 15,000 5.000 75,000 15,000 75,000
Options (2/1/97) 35,000 5.000 175,000 35,000 175,000
Options (2/25/97) 158,050 5.060 799,733 158,450 801,757
Options (4/15/97) 200,000 5.000 1,000,000 200,000 1,000,000
Options (7/1/97) 10,000 4.970 49,700 10,000 49,700
Options (10/31/97) 15,000 8.030 120,450
Options (12/31/97) 5,000 6.640 33,200 5,000 33,200
Options (07/01/98) 2,000 6.700 13,400 0
Options (10/30/98) 20,000 6.170 123,400 20,000 123,400
Options (12/10/98) 21,800 6.600 143,880 21,800 143,880
Options (2/15/99) 800 7.410 5,928
Options (2/24/99) 40,000 7.380 295,200
Options (10/29/99) 20,000 8.240 164,800
Options (11/01/99) 48,500 8.240 399,640
Options (12/15/99) 252,500 7.500 1,893,750
Options (05/15/00) 122,500 7.500 918,750
---------- ----------- ---------- ----------
1,111,900 $ 7,551,089 465,250 (5) 2,401,937
========== =========== ========== ==========
Dilutive Shares 465,250 (5) 2,401,937 (6)
========== ===========
<CAPTION>
V. Average market value/share
Average Close on
Close last day
=========== ==========
<S> <C> <C> <C>
January 8.728
February 8.788
March 7.360 6.563
-----------
Hash total 3 mths 24.876
===========
April 6.765
May 7.179
June 5.979 5.813
-----------
Hash total 3 mths 19.923
===========
/ 3
-----------
Average price per share Three mths 6.641
===========
<CAPTION>
VII. Diluted
Three Months
-----------
<S> <C>
Total Proceeds from exercise $ 2,401,937 (6)
Divided by average price 6.641
Repurchase shares of 361,683
Shares issued (options) 465,250 (5)
-----------
Dilution - Shares (3) 103,567
===========
</TABLE>
<PAGE>
KAYE GROUP INC EXHIBIT 11
Earnings Per Share Calculation Page 3 of 4
For the Six Months Ended June 30, 2000
Shares outstanding at 12/31/99 8,458,295 (A)
Plus: Net Issuance of Treasury Stock 10,878
---------
Balance @ 6/30/00 8,469,173 (B)
Balance @ 3/31/00 8,463,357 (C)
---------
Weighted average 8,463,608 [(A)+(B)+(C)] /3
=========
Six months
ended
June 30, 2000
=============
Net Income $ 4,539,000 (1)
I. Average Shares: 8,463,608 (2)
II. Basic EPS 0.5363 (1) / (2)
---------
III. Diluted EPS
Weighted Average Shares 8,463,608 (2)
Dilution 145,032 (3)
---------
8,608,640 (4)
=========
Diluted EPS 0.5273 (1) / (4)
---------
<PAGE>
KAYE GROUP INC EXHIBIT 11
Earnings Per Share Calculation Page 4 of 4
For the Six Months Ended June 30, 2000
<TABLE>
<CAPTION>
IV. Outstanding at June 30, 2000
Weighted
Units Price/Share Proceeds Average Proceeds
========== =========== =========== ========== ==========
<S> <C> <C> <C> <C> <C>
A. Options (8/17/93) 75,500 $ 10.000 $ 755,000
Options (1/24/94 5,000 10.910 54,550
Options (2/3/94) 500 11.630 5,815
Options (9/13/95) 15,000 7.880 118,200
Options (10/25/95) 39,750 8.430 335,093
Options (5/15/96) 10,000 7.060 70,600 10,000 70,600
Options (12/27/96) 15,000 5.000 75,000 15,000 75,000
Options (2/1/97) 35,000 5.000 175,000 35,000 175,000
Options (2/25/97) 158,050 5.060 799,733 159,117 805,132
Options (4/15/97) 200,000 5.000 1,000,000 200,000 1,000,000
Options (7/1/97) 10,000 4.970 49,700 10,000 49,700
Options (10/31/97) 15,000 8.030 120,450
Options (12/31/97) 5,000 6.640 33,200 5,000 33,200
Options (07/01/98) 2,000 6.700 13,400 2,000 13,400
Options (10/30/98) 20,000 6.170 123,400 20,000 123,400
Options (12/10/98) 21,800 6.600 143,880 22,200 146,520
Options (2/15/99) 800 7.410 5,928 800 5,928
Options (2/24/99) 40,000 7.380 295,200 40,000 295,200
Options (10/29/99) 20,000 8.240 164,800
Options (11/01/99) 48,500 8.240 399,640
Options (12/15/99) 252,500 7.500 1,893,750
Options (05/15/00) 122,500 7.500 918,750
---------- ----------- ---------- ----------
1,111,900 $ 7,551,089 519,117 (5) 2,793,080
========== =========== ========== ==========
Dilutive Shares 519,117 (5) 2,793,080 (6)
========== ===========
<CAPTION>
V. Average market value/share
Average Close on
Close last day
=========== ==========
<S> <C> <C> <C>
January 8.728
February 8.788
March 7.360 6.563
-----------
Hash total 3 mths 24.876
===========
April 6.765
May 7.179
June 5.979 5.813
-----------
Hash total 3 mths 19.923
===========
-----------
Hash total 6 mths 44.799
===========
/ 6
-----------
Average price per share Six mths 7.466
===========
<CAPTION>
VII. Diluted
Six Months
-----------
<S> <C>
Total Proceeds from exercise $ 2,793,080 (6)
Divided by average price 7.466
Repurchase shares of 374,085
Shares issued (options) 519,117 (5)
-----------
Dilution - Shares (3) 145,032
===========
</TABLE>
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