EX-11 8 exh-110903.txt EARNINGS PER SHARE
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 --------------------------------- ----------------------------------- 2003 2002 2003 2002 --------------- --------------- ----------------- ---------------- BASIC: Average number of shares outstanding 14,558,195 14,552,661 14,556,752 14,630,002 =============== =============== ================= ================ Net income $8,121,996 $2,830,709 $22,954,868 $13,211,521 =============== =============== ================= ================ Per share amount $.56 $.19 $ 1.58 $ .90 =============== =============== ================= ================ DILUTED: Average number of shares outstanding 14,558,195 14,552,661 14,556,752 14,630,002 Dilutive stock options--based on treasury stock method using average market price 184,145 101,890 141,119 102,288 --------------- --------------- ----------------- ---------------- Totals 14,742,340 14,654,551 14,697,871 14,732,290 =============== =============== ================= ================ Net income $8,121,996 $2,830,709 $22,954,868 $13,211,521 =============== =============== ================= ================ Per share amount $.55 $.19 $ 1.56 $ .90 =============== =============== ================= ================