EX-11 18 l05942aexv11.txt EX-11 COMPUTATION OF EARNINGS PER SHARE . . . Exhibit No. 11 THE PROGRESSIVE CORPORATION COMPUTATION OF EARNINGS PER SHARE (MILLIONS - EXCEPT PER SHARE AMOUNTS)
2003 2002 2001 ------------------- ------------------- ------------------- Per Per Per Years Ended December 31, Amount Share Amount Share Amount Share --------- ------- --------- ------- --------- ------- BASIC: Net income $ 1,255.4 $ 5.79 $ 667.3 $ 3.05 $ 411.4 $ 1.86 ========= ======= ========= ======= ========= ======= Average shares outstanding 216.8 219.0 221.0 ========= ========= ========= DILUTED: Net income $ 1,255.4 $ 5.69 $ 667.3 $ 2.99 $ 411.4 $ 1.83 ========= ======= ========= ======= ========= ======= Average shares outstanding 216.8 219.0 221.0 Net effect of dilutive stock-based 3.7 4.2 4.2 compensation --------- --------- --------- Total 220.5 223.2 225.2 ========= ========= =========
All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.