EX-11 3 exhibit11.txt EARNINGS PER SHARE 14
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31 --------------------------------------- 2005 2004 ------------------ ----------------- BASIC: Average number of shares outstanding 14,723,814 14,603,536 ================== ================= Net Income $ 10,346,474 $10,899,074 ================== ================= Per share amount $ .70 $ .75 ================== ================= DILUTED: Average number of shares outstanding 14,723,814 14,603,536 Dilutive stock options--based on treasury stock method using average market price 120,933 211,674 ------------------ ----------------- Totals 14,844,747 14,815,210 ================== ================= Net Income $ 10,346,474 $ 10,899,074 ================== ================= Per share amount $ .70 $ .74 ================== =================