
		For the Three Month						For the Nine Month
		Period Ended September 30,						Period Ended September 30,
		2014			2013			2014			2013

Numerator for earnings (loss) per share:
Net income attributable to Leucadia
National Corporation common shareholders	$	54,679		$	2,971		$	214,069		$	360,686
Less: Allocation of earnings to participating
securities (1)		(1,264	)		(92	)		(5,167	)		(4,608	)
Net income attributable to Leucadia National
Corporation common shareholders for
basic earnings (loss) per share		53,415			2,879			208,902			356,078
Adjustment to allocation of earnings to participating
securities related to diluted shares (1)		(16	)		(62	)		(36	)		(57	)
Interest on 3.75% Convertible Notes								739			1,975
Mandatorily redeemable convertible preferred share
dividends											2,381
Net income attributable to Leucadia
National Corporation common shareholders
for diluted earnings (loss) per share	$	53,399		$	2,817		$	209,605		$	360,377

Denominator for earnings (loss) per share:
Denominator for basic earnings (loss) per share
weighted average shares		373,347			367,641			371,372			331,091
Stock options		28			46			54			45
Warrants
3.875% Convertible Senior Debentures
3.75% Convertible Notes								1,839			4,524
Mandatorily redeemable convertible preferred shares											3,237
Denominator for diluted earnings (loss) per share		373,375			367,687			373,265			338,897

(1)

Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 8,925,200 and 11,161,200 for the three months ended September 30, 2014 and 2013, respectively, and 9,262,000 and 8,912,400 for the nine months ended September 30, 2014 and 2013, respectively. Dividends declared on participating securities were $.5 million and $.7 million during the three months ended September 30, 2014 and 2013, respectively, and $1.7 million and $2.1 million during the nine months ended September 30, 2014 and 2013, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.