EX-11 3 dex11.htm EXHIBIT 11 EXHIBIT 11

 

Exhibit 11

 

NVR, Inc.

Computation of Earnings Per Share

(amounts in thousands, except per share amounts)

 

         

Three Months Ended March 31,

         

2003

   

2002

1.

   

Net income

   

$

87,806

   

$

76,713

         
  

2.

   

Average number of shares outstanding

   

 

7,078

   

 

7,397

3.

   

Shares issuable upon exercise of dilutive options outstanding during period, based on average market price

   

 

1,619

   

 

1,988

         
  

4.

   

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

   

 

8,697

   

 

9,385

         
  

5.

   

Basic earnings per share

   

$

12.41

   

$

10.37

         
  

6.

   

Diluted earnings per share

   

$

10.10

   

$

8.17

         
  

 

 

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