EX-11 4 exhibit11.txt EPS 18
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ---------------------------- ---------------------------- 2002 2001 2002 2001 ------------- ------------- ------------- ------------- BASIC: Average number of shares Outstanding 11,642,129 12,088,201 11,704,002 12,136,383 ============ ============ ============ ============ Net income (loss) $ 2,830,709 ($ 7,172,664) $13,211,521 $ 2,647,565 ============ ============ ============ ============ Per share amount $ .24 ($ .59) $ 1.13 $ .22 ============ ============ ============ ============ DILUTED: Average number of shares Outstanding 11,642,129 12,088,201 11,704,002 12,136,383 Dilutive stock options--based on treasury stock method using average market price 81,512 82,300 81,830 82,732 ------------ ------------ ------------ ------------ Totals 11,723,641 12,170,501 11,785,832 12,219,115 ============ ============ ============ ============ Net income (loss) $ 2,830,709 ($ 7,172,664) $13,211,521 $ 2,647,565 ============ ============ ============ ============ Per share amount $ .24 ($ .59) $ 1.12 $ .22 ============ ============ ============ ============
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