EX-11 12 exhibit11123115.htm EXHIBIT 11 Exhibit


Exhibit 11


THE PROGRESSIVE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(millions - except per share amounts)
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2015

 
2014

 
2013

Net Income attributable to Progressive
 
$
1,267.6

 
$
1,281.0

 
$
1,165.4

 
 
 
 
 
 
 
Computation of Net Income Per Share
 
 
 
 
 
 
Average shares outstanding - Basic
 
585.5

 
590.6

 
599.1

Net effect of dilutive stock-based compensation
 
3.7

 
4.2

 
4.5

Total equivalent shares - Diluted
 
589.2

 
594.8

 
603.6

 
 
 
 
 
 
 
Basic: Net income per share
 
$
2.16

 
$
2.17

 
$
1.95

Diluted: Net income per share
 
$
2.15

 
$
2.15

 
$
1.93