EX-11 3 ex11.htm EARNINGS PER SHARE

Exhibit 11.1

EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three Months Ended March 31, 2004 and 2003



  Three Months Ended    
  March 31,
(Dollars in thousands)  2004   2003  
Net Income  $     126,101   $       94,367  
Weighted average common and effect 
  of dilutive shares used in the 
  computation of net income per share: 
     Average shares outstanding 
      - basic  55,770,735   50,896,764  
     Effect of dilutive shares: 
        Options outstanding  1,004,792   618,654  
        Options exercised  40,621   4,598  
        Options cancelled  962   1,073  
        Restricted shares  17,048   --  
     Average share outstanding 
      - diluted  56,834,158   51,521,089  
 
Net Income per common share: 
     Basic  $           2.26   $           1.85  
     Diluted  $           2.22   $           1.83