EX-11 3 exh-11.txt COMPUTATION OF EARNINGS PER SHARE 58
Baldwin & Lyons, Inc. and Subsidiaries Form 10-K Year Ended December 31, 2000 EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS Year Ended December 31 -------------------------------------------- 2000 1999 1998 -------------- -------------- -------------- Basic: Average number of Class A and Class B shares outstanding 12,466,510 13,393,357 13,719,728 ============ ============ ============ Net income $19,749,722 $18,615,882 $16,894,697 ============ ============ ============ Per Share Amount $ 1.58 $ 1.39 $ 1.23 ============ ============ ============ Diluted: Average number of Class A and Class B shares outstanding 12,466,510 13,393,357 13,719,728 ============ ============ ============ Dilutive stock options--based on treasury stock method using higher of average or year end market prices 88,612 127,615 146,448 ------------ ------------ ------------ TOTALS 12,555,122 13,520,972 13,866,176 ============ ============ ============ Net income $19,749,722 $18,615,882 $16,894,697 ============ ============ ============ Per Share Amount $ 1.57 $ 1.38 $ 1.22 ============ ============ ============
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