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<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 11.1
IPC HOLDINGS, LTD. AND SUBSIDIARIES
RECONCILIATION OF BASIC AND DILUTED NET INCOME PER COMMON SHARE
(Expressed in thousands of United States dollars, except for per share amounts)
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A reconciliation of basic and diluted earnings per share ("EPS") is given in the
following table:
Amount per
Three months ended September 30, 2000 Income Shares Share
------ ------ ----------
<S> <C> <C> <C>
Basic EPS $ 15,029 25,033,932 $0.60
Effect of Dilutive Options 603,746
Diluted EPS $ 15,029 25,637,678 $0.59
Three months ended September 30, 1999
Basic EPS $ 7,797 25,033,932 $0.31
Effect of Dilutive Options 1,017,164
Diluted EPS $ 7,797 26,051,096 $0.30
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Nine months ended September 30, 2000
Basic EPS $ 28,316 25,033,932 $1.13
Effect of Dilutive Options 261,170
Diluted EPS $ 28,316 25,295,102 $1.12
Nine months ended September 30, 1999
Basic EPS $ 25,926 25,033,932 $1.04
Effect of Dilutive Options 1,037,404
Diluted EPS $ 25,926 26,071,336 $0.99
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</TABLE>
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