EX-11 4 ex-11.txt EXHIBIT 11 EXHIBIT 11 XL CAPITALLTD COMPUTATION OF EARNINGS PER ORDINARY SHARE AND ORDINARY SHARE EQUIVALENT (U.S. DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------------------- ------------------- 2000 1999 2000 1999 -------- -------- -------- -------- (UNAUDITED) (UNAUDITED) BASIC EARNINGS PER SHARE: Net income........................................... $142,484 $62,708 $366,243 $272,519 Weighted average ordinary shares outstanding......... 124,431 126,785 124,948 127,599 Basic earnings per share............................. $ 1.15 $ 0.49 $ 2.93 $ 2.14 ======== ======= ======== ======== DILUTED EARNINGS PER SHARE: Net income........................................... $142,484 $62,708 $366,243 $272,519 Add back after-tax interest on convertible debentures......................................... -- 876 -- 1,752 -------- ------- -------- -------- Adjusted net income.................................. 142,484 63,584 366,243 274,271 ======== ======= ======== ======== Weighted average ordinary shares outstanding-basic... 124,431 126,785 124,948 127,599 Average stock options outstanding (1)................ 1,249 1,254 930 1,923 Assumed conversion of convertible debentures (2)..... -- 1,837 -- 1,837 -------- ------- -------- -------- Weighted average ordinary shares outstanding-diluted................................ 125,680 129,876 125,878 131,359 -------- ------- -------- -------- Diluted earnings per share........................... $ 1.13 $ 0.48 $ 2.91 $ 2.07 ======== ======= ======== ======== Dividends per share.................................. $ 0.45 $ 0.44 $ 0.90 $ 0.88 ======== ======= ======== ========
------------------------ (1) Net of shares repurchased under the treasury stock method. (2) 1999 reflects the assumed conversion of the 5.25% Convertible Subordinated Debentures due 2000, formerly issued by NAC Re. These debentures were called in June 1999 and the actual conversion is reflected in 1999.