EX-11 3 exh-110604.txt EARNINGS PER SHARE 16
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ---------------------------------- ---------------------------------- 2004 2003 2004 2003 -------------- --------------- --------------- --------------- BASIC: Average number of shares outstanding 14,624,295 14,557,643 14,613,915 14,556,018 ============== =============== =============== =============== Net Income $8,864,106 $ 10,301,148 $ 19,763,180 $14,832,872 ============== =============== =============== =============== Per share amount $ .61 $ .71 $ 1.35 $ 1.02 ============== =============== =============== =============== DILUTED: Average number of shares outstanding 14,624,295 14,557,643 14,613,915 14,556,018 Dilutive stock options--based on treasury stock method using average market price 170,893 157,491 188,587 116,027 -------------- --------------- --------------- --------------- Totals 14,795,188 14,715,134 14,802,502 14,672,045 ============== =============== =============== =============== Net Income $8,864,106 $10,301,148 $ 19,763,180 $14,832,872 ============== =============== =============== =============== Per share amount $ .60 $ .70 $ 1.34 $ 1.01 ============== =============== =============== ===============