Rli Corp – ‘10-K’ for 12/31/96 – EX-11

As of:  Tuesday, 3/25/97   ·   For:  12/31/96   ·   Accession #:  912057-97-9996   ·   File #:  1-09463

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         35    160K 
 2: EX-3.1      Articles of Inc                                        5     17K 
 3: EX-3.2      Bylaws                                                24     88K 
 4: EX-11       Rli & Subsidiaries                                     2±    10K 
 5: EX-13       Selected Financial Data                               47±   224K 
 6: EX-21.1     Subsidiaries of Registrant                             1      7K 
 7: EX-23.1     Consent of Independent Auditors                        1      7K 
 8: EX-27       Exhibit 27 FDS                                         2      9K 
 9: EX-28.1     Info From Reports Furnished to State Insurance         1      7K 

EX-11   —   Rli & Subsidiaries

EX-11
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EXHIBIT 11.0                                                                    

RLI CORP. AND SUBSIDIARIES

 COMPUTATION OF PER SHARE EARNINGS
 FOR THE YEARS ENDED DECEMBER 31, 1994, 1995, AND 1996

                                                        [Enlarge/Download Table]

                                                                  1994           1995           1996
----------------------------------------------------------------------------------------------------
                                                                                                    
Primary                                                                                             

Net earnings (loss)                                       $(4,775,871)     $7,949,541    $25,695,721
====================================================================================================
Earnings (loss) per share                                      $(0.61)          $1.01          $3.25
====================================================================================================
Weighted average shares outstanding                          7,786,004      7,849,799      7,896,463
====================================================================================================
Fully Diluted                                                                                       

Net earnings (loss)                                       $(4,775,871)    $ 7,949,541    $25,695,721

Reduction of interest expense on assumed conversion                                                 
 of convertible debentures (net of tax)                       Note (1)       Note (1)      1,794,000

Reduced amortization of deferred loan costs on assumed                                              
 conversion of convertible debentures (net of tax)            Note (1)       Note (1)         80,057
----------------------------------------------------------------------------------------------------
Adjusted net earnings (loss)                              $(4,775,871)    $ 7,949,541    $27,569,778
====================================================================================================
Earnings (loss) per share (1)                                  $(0.61)          $1.01          $2.85
====================================================================================================
Weighted average shares outstanding (1)                      7,786,004      7,849,799      7,896,463

Dilutive effect of convertible debentures (2)                 Note (1)       Note (1)      1,769,231

Adjusted weighted average shares outstanding                 7,786,004      7,849,799      9,665,694
====================================================================================================

NOTES:                                                                          
(1)  Fully diluted earnings per share calculations are based on the weighted    
average number of shares of common stock and common stock equivalents           
outstanding for the period, assuming full conversion of all convertible         
debentures into common stock. Net earnings are adjusted for purposes of this    
calculation to eliminate interest and amortization of debt issuance costs on the
convertible debentures net of related income taxes. When the conversion of      
convertible debentures increases the earnings per share or reduces the loss per 
share, the effect on earnings is antidilutive. Under these circumstances the    
fully diluted net earnings or net loss per share is computed assuming no        
conversion of the convertible debentures.                                       

(2)  On July 28, 1993, RLI Corp. issued $46 million in 6.0% convertible         
debentures which mature July 15, 2003. These debentures, unless previously      
redeemed, are convertible at the option of the holder at any time prior to      
maturity into RLI Corp. common stock at an adjusted conversion price of $26.00  
per share, subject to adjustment in certain events. (See Note 4 in the "Notes to
Consolidated Financial Statements" for additional information.)                 

36

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
		7/15/03
Filed on:		3/25/97
For Period End:		12/31/96
		12/31/95		10-K
		12/31/94
		7/28/93
				List all Filings