EX-11 3 dex11.htm COMPUTATION OF EARNINGS Computation of Earnings

 

Exhibit 11

MBIA INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE ASSUMING DILUTION
(In thousands except per share amounts)

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

 

 

 

 

 

 

2002

 

2001

 

2002

 

2001

 

 

 

 

 

 

 

Net income

 

$

164,138

 

$

154,520

 

$

461,888

 

$

413,653

 

 

 

 

 

 

 

Diluted weighted-average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

146,526

 

 

148,346

 

 

147,377

 

 

148,146

 

 

Effect of stock options

 

 

756

 

 

1,085

 

 

1,004

 

 

1,041

 

 

Unallocated ESOP shares

 

 

47

 

 

102

 

 

47

 

 

102

 

 

 

 

 

 

 

Diluted weighted-average shares:

 

 

147,329

 

 

149,533

 

 

148,428

 

 

149,289

 

 

 

 

 

 

 

Basic EPS

 

$

1.12

 

$

1.04

 

$

3.13

 

$

2.79

 

 

 

 

 

 

 

Diluted EPS

 

$

1.11

 

$

1.03

 

$

3.11

 

$

2.77