EX-11 3 exhibit-11.txt BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 --------------------------- --------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ BASIC: Average number of shares Outstanding 11,645,651 12,147,568 11,735,451 12,160,873 =========== =========== =========== =========== Net Income $ 4,922,270 $ 2,644,288 $10,380,812 $ 9,820,229 =========== =========== =========== =========== Per share amount $ .42 $ .22 $ .88 $ .81 =========== =========== =========== =========== DILUTED: Average number of shares Outstanding 11,645,651 12,147,568 11,735,451 12,160,873 Dilutive stock options--based on treasury stock method using average market price 80,513 80,874 80,463 81,312 ----------- ----------- ----------- ----------- Totals 11,726,164 12,228,442 11,815,914 12,242,185 =========== =========== =========== =========== Net Income $ 4,922,270 $ 2,644,288 $10,380,812 $ 9,820,229 =========== =========== =========== =========== Per share amount $ .42 $ .22 $ .88 $ .80 =========== =========== =========== ===========