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EXHIBIT 11
Statement re computation of per share earnings
VESTA INSURANCE GROUP, INC.
COMPUTATION OF EARNINGS PER SHARE
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Year Ended December 31,
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1999 1998 1997
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(In thousands except per share
data)
BASIC EARNINGS PER SHARE:
Weighted average common shares outstanding.............................. 18,699 18,549 18,600
Income available to common shareholders................................. $32,440 $(141,184) $36,860
Basic earnings per share................................................ $ 1.73 $ (7.61) $ 1.98
DILUTED EARNINGS PER SHARE:
Weighted average common shares outstanding.............................. 18,699 18,549 18,600
Conversion of preferred stock........................................... 1,503
Net effect of the assumed exercise of stock options and
nonvested restricted stock--based on the treasury stock
method using average market price for the year...................... -- -- 453
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Total weighted average common shares and common stock
equivalents outstanding............................................. 20,202 18,549 19,053
Net income available to common stockholders............................. $33,003 $(141,184) $36,860
Diluted earnings per share.............................................. $ 1.63 $ (7.61) $ 1.93
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