EX-11 25 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)

 

     2009    2008     2007

Years Ended December 31,

    Amount    Per
Share		    Amount     Per
Share		     Amount    Per
Share

Basic:

                

Net income (loss)

   $ 1,057.5    $ 1.59    $ (70.0 )    $ (.10 )    $ 1,182.5    $ 1.66
                                           

Average shares outstanding

      666.8         668.0         710.4   
                             

Diluted:

                

Net income (loss)1 

    $ 1,057.5    $ 1.57    $ (70.0 )    $ (.10 )    $ 1,182.5    $ 1.65
                                           

Average shares outstanding

      666.8         668.0         710.4   

Net effect of dilutive stock-based compensation

      5.4         5.9         8.1   
                             

Total

      672.2         673.9         718.5   
                             

 

1

For 2008, amount represents basic earnings per share since diluted earnings per share was antidilutive due to the net loss for the year.