EX-11 7 dex11.htm COMPUTATION OF EARNINGS PER SHARE Computation of Earnings Per Share

Exhibit 11

THE PROGRESSIVE CORPORATION

COMPUTATION OF EARNINGS PER SHARE

(millions—except per share amounts)

 

     2008     2007    2006

Years Ended December 31,

    Amount     Per
Share		     Amount    Per
Share		    Amount    Per
Share

Basic:

                

Net income (loss)

    $ (70.0 )   $ (.10 )   $ 1,182.5    $ 1.66    $ 1,647.5    $ 2.13
                                           

Average shares outstanding

      668.0         710.4         774.3   
                             

Diluted:

                

Net income (loss)1

    $ (70.0 )   $ (.10 )   $ 1,182.5    $ 1.65    $ 1,647.5    $ 2.10
                                           

Average shares outstanding

      668.0         710.4         774.3   

Net effect of dilutive stock-based compensation

      5.9         8.1         9.5   
                             

Total

      673.9         718.5         783.8   
                             

 

1

Since we reported a net loss for 2008, the calculated diluted earnings per share was antidilutive; therefore, basic earnings per share is disclosed as our diluted per share amount for 2008.