EX-11.1 3 dex111.htm COMPUTATION OF NET INCOME COMPUTATION OF NET INCOME
Exhibit 11.1
 
PartnerRe Ltd.
Computation of Net Income (Loss) per Common and Common Equivalent Share
For the Nine Months Ended September 30, 2002 and 2001
(Expressed in thousands of U.S. dollars, except per-share amounts)
 
    
For the Nine Months Ended
September 30, 2002
     
For the Nine Months Ended
September 30, 2001
  
    
Income (Numerator)
     
Shares (Denominator)
   
Per-Share Amount
     
Loss (Numerator)
       
Shares (Denominator)
   
Per-Share Amount
  
Net Income (Loss)
   
$
101,910
                   
$
(189,431
)
                
Less: Preferred stock dividends
   
 
15,000
                   
 
15,000
 
                
    
                  
               
Net Income (Loss) available to common shareholders/ Basic Net Income (Loss) Per Share
   
 
86,910
     
50,285.8
   
$
1.73
     
 
(204,431
)
     
50,137.6
   
$
(4.08
)
                  
                    
Effect of Dilutive Securities: (1)
                                                
Class B Warrants
            
470.0
                                  
Stock Options
            
896.9
                                  
    
    
                                 
Net income available to common shareholders/Diluted Net Income Per Share
   
$
86,910
     
51,652.7
   
$
1.68
                           
    
    
  
                          
(1)
 
Diluted net loss per share has not been shown for the 2001 period because the effect of dilutive securities would have been anti-dilutive. The weighted average number of common and common equivalent shares outstanding for the period amounted to 51,573.5 thousand shares after the dilutive effect of Class A and B warrants, and stock options of 900.4 thousand and 535.5 thousand, respectively.
 
PartnerRe Ltd.
Computation of Net Loss per Common and Common Equivalent Share
For the Three Months Ended September 30, 2002 and 2001
(Expressed in thousands of U.S. dollars, except per-share amounts)
 
    
For the Three Months Ended
September 30, 2002
       
For the Three Months Ended
September 30, 2001
  
    
Loss (Numerator)
       
Shares (Denominator)
   
Per-Share Amount
       
Loss (Numerator)
       
Shares (Denominator)
   
Per-Share Amount
  
Net Loss
   
$
(27,935
)
                     
$
(338,531
)
                
Less: Preferred stock dividends
   
 
5,000
 
                     
 
5,000
 
                
    
                    
               
Net Loss available to common shareholders/Basic Net Loss Per Share
   
 
(32,935
)
     
50,328.5
   
$
(0.65
)
     
 
(343,531
)
     
50,157.7
   
$
(6.85
)
                    
                    
Effect of Dilutive Securities: (2)
                                                    
Class B Warrants
                                                    
Stock Options
                                                    
Net Loss available to common shareholders/Diluted Net Loss Per Share
                                                    
(2)
 
Diluted net loss per share has not been shown for the 2002 and 2001 periods because the effect of dilutive securities would have been anti-dilutive. The weighted average number of common and common equivalent shares outstanding for the 2002 period amounted to 51,518.3 thousand shares after the dilutive effect of Class A and B warrants, and stock options of 858.5 thousand and 331.3 thousand, respectively. The weighted average number of common and common equivalent shares outstanding for the 2001 period amounted to 51,516.8 thousand shares after the dilutive effect of Class A and B warrants, and stock options of 884.6 thousand and 474.5 thousand, respectively.