EX-11 7 exh-110304.txt EARNINGS PER SHARE 14
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31 ----------------------------------------- 2004 2003 ------------------ ----------------- BASIC: Average number of shares outstanding 14,603,536 14,554,376 ================== ================= Net Income $10,899,074 $4,531,724 ================== ================= Per share amount $ .75 $ .31 ================== ================= DILUTED: Average number of shares outstanding 14,603,536 14,554,376 Dilutive stock options--based on treasury stock method using average market price 211,674 101,548 ------------------ ----------------- Totals 14,815,210 14,655,924 ================== ================= Net Income $10,899,074 $4,531,724 ================== ================= Per share amount $ .74 $ .31 ================== =================