EX-11 9 exhibit11.htm EXHIBIT Exhibit 11


Exhibit 11


THE PROGRESSIVE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(millions - except per share amounts)
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2013

 
2012

 
2011

Net Income
 
$
1,165.4

 
$
902.3

 
$
1,015.5

 
 
 
 
 
 
 
Computation of Net Income Per Share
 
 
 
 
 
 
Average shares outstanding - Basic
 
599.1

 
603.3

 
632.3

Net effect of dilutive stock-based compensation
 
4.5

 
4.5

 
4.6

Total equivalent shares - Diluted
 
603.6

 
607.8

 
636.9

 
 
 
 
 
 
 
Basic: Net income per share
 
$
1.95

 
$
1.50

 
$
1.61

Diluted: Net income per share
 
$
1.93

 
$
1.48

 
$
1.59