EX-11 6 exh-11.txt EARNINGS PER SHARE 57
Baldwin & Lyons, Inc. and Subsidiaries Form 10-K Year Ended December 31, 2001 EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS Year Ended December 31 ------------------------------------------ 2001 2000 1999 ------------ ------------ ------------ Basic: Average number of Class A and Class B shares outstanding 12,122,862 12,466,510 13,393,357 =========== =========== =========== Net income $5,390,495 $19,749,722 $18,615,882 =========== =========== =========== Per Share Amount $ 0.44 $ 1.58 $ 1.39 =========== =========== =========== Diluted: Average number of Class A and Class B shares outstanding 12,122,862 12,466,510 13,393,357 Dilutive stock options--based on treasury stock method using higher of average or year end market prices 84,083 88,612 127,615 ----------- ----------- ----------- TOTALS 12,206,945 12,555,122 13,520,972 =========== =========== =========== Net income $5,390,495 $19,749,722 $18,615,882 =========== =========== =========== Per Share Amount $ 0.44 $ 1.57 $ 1.38 =========== =========== ===========
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