EX-11 5 exhibit11.htm EXHIBIT 11 EXHIBIT 11

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended March 31, 2003 and 2002

(Unaudited)
(In thousands, except per share data)

2003

2002

Numerator for basic and diluted earnings per share:

    Earnings available to common stockholders

    before and after assumed conversions

$

9,276 

12,234 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,525 

3,516 

    Effect of dilutive stock options

24 

33 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,549 

3,549 

Basic earnings per share

$

2.76 

3.48 

Diluted earnings per share

$

2.74 

3.45