EX-11 7 exh-110603.txt EARNINGS PER SHARE
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 --------------------------------- ---------------------------------- 2003 2002 2003 2002 --------------- --------------- ---------------- ---------------- BASIC: Average number of shares outstanding 14,557,643 14,557,064 14,556,018 14,669,313 =============== =============== ================ ================ Net Income $10,301,148 $4,922,270 $14,832,872 $10,380,812 =============== =============== ================ ================ Per share amount $ .71 $ .34 $ 1.02 $ .71 =============== =============== ================ ================ DILUTED: Average number of shares outstanding 14,557,643 14,557,064 14,556,018 14,669,313 Dilutive stock options--based on treasury stock method using average market price 157,491 100,641 116,027 100,579 --------------- --------------- ---------------- ---------------- Totals 14,715,134 14,657,705 14,672,045 14,769,892 =============== =============== ================ ================ Net Income $10,301,148 $4,922,270 $14,832,872 $10,380,812 =============== =============== ================ ================ Per share amount $ .70 $ .34 $ 1.01 $ .70 =============== =============== ================ ================