EX-11 4 dex11.htm EXHIBIT 11 EXHIBIT 11

 

EXHIBIT 11

 

NVR, Inc.

Computation of Earnings Per Share

(amounts in thousands, except per share amounts)

 

      

Year Ended December 31, 2002

     

Year Ended December 31, 2001

     

Year Ended December 31, 2000

1. Net income

     

$

331,470

     

$

236,794

     

$

158,246

      
    
    

2. Average number of shares outstanding

     

 

7,278

     

 

7,927

     

 

9,084

3. Shares issuable upon exercise of dilutive options, warrants and   subscriptions outstanding during period, based on average market price

     

 

1,916

     

 

1,599

     

 

1,480

      
    
    

4. Average number of shares and share equivalents outstanding (2 + 3)

     

 

9,194

     

 

9,526

     

 

10,564

      
    
    

5. Basic earnings per share (1/2)

     

$

45.54

     

$

29.87

     

$

17.42

      
    
    

6. Diluted earnings per share (1/4)

     

$

36.05

     

$

24.86

     

$

14.98