EX-11 2 ex11.htm EX 11

EXHIBIT 11

 

INDEPENDENCE HOLDING COMPANY

Computation of Per Share Earnings

(In thousands, except per share amounts)

 
 

YEAR ENDED DECEMBER 31,
   

2002

      

2001

      

2000
                     

INCOME:

                    
 

Net income

$

15,813

    

$

14,383

    

$

11,352
                     

SHARES:

                    
 

Weighted average common shares

                    
 

outstanding

  

7,779

      

7,866

      

7,896
                     

BASIC INCOME PER SHARE:

                    
 

Net income per share

$

2.03

    

$

1.83

    

$

1.44
                     

DILUTED EARNINGS PER SHARE

                   
 

(A) USE OF PROCEEDS:

                    
 

Assumed exercise of options

$

7,472

    

$

6,110

    

$

4,104
 

Tax benefit from exercise of options

  

2,316

      

1,120

      

513
 

Repurchase of treasury stock at

                    
 

average market price of $19.94,

                    
 

$14.71 and $11.35, respectively

  

(9,788)

      

(7,230)

      

(4,617)
 

Assumed balance to be invested

$

-

    

$

-

    

$

-
                     

SHARES:

                    

Weighted average shares outstanding

  

7,779

      

7,866

      

7,896

Shares assumed issued for options

  

716

      

639

      

495

Treasury stock assumed purchased

  

(491)

      

(491)

      

(407)

Adjusted average shares outstanding

  

8,004

      

8,014

      

7,984
                     

DILUTED INCOME PER SHARE:

                    
 

Net income per share

$

1.98

    

$

1.80

    

$

1.42

 

(A) Warrants were not assumed to be exercised in 2001 and 2000 as the effect would have been anti-dilutive.