EX-11 15 l99510aexv11.txt EX-11 COMPUTATION OF EARNINGS PER SHARE . . . Exhibit No. 11 THE PROGRESSIVE CORPORATION COMPUTATION OF EARNINGS PER SHARE (MILLIONS - EXCEPT PER SHARE AMOUNTS)
Years Ended December 31, 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------- Per Per Per Amount Share Amount Share Amount Share ------ ----- ------ ----- ------ ----- BASIC: Net income $667.3 $3.05 $411.4 $1.86 $ 46.1 $.21 ====== ===== ====== ===== ====== ===== Average shares outstanding 219.0 221.0 219.6 ====== ====== ====== DILUTED: Net income $667.3 $2.99 $411.4 $1.83 $ 46.1 $.21 ====== ===== ====== ===== ====== ===== Average shares outstanding 219.0 221.0 219.6 Net effect of dilutive stock options 4.2 4.2 3.4 ------ ------ ------ Total 223.2 225.2 223.0 ====== ====== ======