EX-11 3 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 September 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

$

10,437 

11,815 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,541 

3,525 

    Effect of dilutive stock options

35 

29 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,576 

3,554 

Basic earnings per share

$

2.95 

3.35 

Diluted earnings per share

$

2.91 

3.33 


EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Nine Months Ended September 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

$

37,248 

32,857 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,531 

3,521 

    Effect of dilutive stock options

27 

33 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,558 

3,554 

Basic earnings per share

$

10.55 

9.33 

Diluted earnings per share

$

10.47 

9.25