EX-11 4 exhibit11.htm NATIONAL WESTERN LIFE EXHIBIT 11 EXHIBIT 11

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended March 31, 2004 and 2003
(Unaudited)
(In thousands, except per share data)

2004

2003

Numerator for basic and diluted earnings per share:

    Earnings available to common stockholders

    before and after assumed conversions:

       Earnings before cumulative effect of change in accounting principle

$

14,616 

9,726 

       Cumulative effect of change in accounting principle

54,697 

-   

    Net earnings

$

69,313 

9,726 

Denominator:

    Basic earnings per share -

    weighted-average shares

3,554 

3,525 

    Effect of dilutive stock options

43 

24 

    Diluted earnings per share -

    adjusted weighted-average

    shares for assumed conversions

3,597 

3,549 

Basic earnings per share:

    Earnings before cumulative effect of change in accounting principle

$

4.11 

2.76 

    Cumulative effect of change in accounting principle

15.39 

-   

    Net earnings

$

19.50 

2.76 

Diluted earnings per share:

    Earnings before cumulative effect of change in accounting principle

$

4.06 

2.74 

    Cumulative effect of change in accounting principle

15.21 

-   

    Net earnings

$

19.27 

2.74