Exhibit 11

THE PROGRESSIVE CORPORATION

COMPUTATION OF EARNINGS PER SHARE

(millions - except per share amounts)

	Years Ended December 31,
	2012		2011		2010
Net Income	$	902.3	$	1,015.5	$	1,068.3
Computation of Net Income Per Share
Average shares outstanding - Basic		603.3		632.3		657.9
Net effect of dilutive stock-based compensation		4.5		4.6		5.4
Total equivalent shares - Diluted		607.8		636.9		663.3
Basic: Net income per share	$	1.50	$	1.61	$	1.62
Diluted: Net income per share	$	1.48	$	1.59	$	1.61