Rli Corp – ‘10-K’ for 12/31/95 – EX-11.0

As of:  Tuesday, 3/26/96   ·   For:  12/31/95   ·   Accession #:  912057-96-5193   ·   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                                         40    189K 
 2: EX-11.0     Statement re: Computation of Earnings Per Share        2±    11K 
 3: EX-13       Annual or Quarterly Report to Security Holders        51±   236K 
 4: EX-21.1     Subsidiaries of the Registrant                         1      6K 
 5: EX-23.1     Consent of Experts or Counsel                          1      7K 
 7: EX-27       Financial Data Schedule (Pre-XBRL)                     2      9K 
 6: EX-28.1     Exhibit 29.1                                           1      7K 

EX-11.0   —   Statement re: Computation of Earnings Per Share

EX-11.0
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EXHIBIT 11.0                                                                    

      RLI CORP. AND SUBSIDIARIES

     COMPUTATION OF PER SHARE EARNINGS
     FOR THE YEARS ENDED DECEMBER 31, 1993, 1994, AND 1995

                                                        [Enlarge/Download Table]


                                                               1993                      1994             1995          
                                                         (restated)                (restated)                           
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
Primary                                                                                                                 

Net earnings (loss)                                     $15,947,627              $(4,775,871)       $ 7,949,541         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 
Earnings (loss) per share                                     $2.10                   $(0.61)             $1.01         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 
Weighted average shares outstanding                       7,599,563                 7,786,004         7,849,799         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 
Fully Diluted                                                                                                           

Net earnings (loss)                                     $15,947,627              $(4,775,871)       $ 7,949,541         

Reduction of interest expense on assumed conversion                                                                     
 of convertible debentures (net of tax)                     762,450                  Note (1)          Note (1)         

Reduced amortization of deferred loan costs on assumed                                                                  
 conversion of convertible debentures (net of tax)           37,091                  Note (1)          Note (1)         
----------------------------------------------------------------------------------------------------------------------- 
Adjusted net earnings (loss)                            $16,747,168              $(4,775,871)       $ 7,949,541         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 
Earnings (loss) per share (1)                                 $2.00                   $(0.61)             $1.01         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 
Weighted average shares outstanding (1)                   7,599,563                 7,786,004         7,849,799         

Dilutive effect of convertible debentures (2)               761,012                  Note (1)          Note (1)         

Adjusted weighted average shares outstanding              8,360,575                 7,786,004         7,849,799         
----------------------------------------------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------------------------------------------- 


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.)                 

      41

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
		7/15/03
		3/27/96		DEFR14A
Filed on:		3/26/96		DEF 14A
For Period End:		12/31/95
		12/31/94
		12/31/93
		7/28/93
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