EX-11 4 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 June 30, 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

$

17,085 

8,808 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,528 

3,523 

    Effect of dilutive stock options

22 

36 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,550 

3,559 

Basic earnings per share

$

4.84 

2.50 

Diluted earnings per share

$

4.82 

2.47 

 

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Six Months Ended June 30, 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:

$

26,811 

21,042 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,526 

3,520 

    Effect of dilutive stock options

22 

34 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,548 

3,554 

Basic earnings per share

$

7.60 

5.98 

Diluted earnings per share:

$

7.56 

5.92