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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)
A reconciliation of basic and diluted EPS is given in the following table:
<TABLE>
<CAPTION>
Amount per
Three months ended June 30, 2000 Income Shares Share
-------------------------------- ---------- ---------- ----------
<S> <C> <C> <C>
Basic EPS $ 3,476 25,033,932 $0.14
Effect of Dilutive Options 112,126
Diluted EPS $ 3,476 25,146,058 $0.14
Three months ended June 30, 1999
--------------------------------
Basic EPS $ 2,913 25,033,932 $0.12
Effect of Dilutive Options 956,283
Diluted EPS $ 2,913 25,990,215 $0.11
===================================================================================
Six months ended June 30, 2000
------------------------------
Basic EPS $ 13,287 25,033,932 $0.53
Effect of Dilutive Options 89,882
Diluted EPS $ 13,287 25,123,814 $0.53
Six months ended June 30, 1999
------------------------------
Basic EPS $ 18,129 25,033,932 $0.72
Effect of Dilutive Options 1,047,524
Diluted EPS $ 18,129 26,081,456 $0.70
===================================================================================
</TABLE>
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