EX-11 3 exh-11093005.txt EARNINGS PER SHARE 16
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 --------------------------------- -------------------------------------- 2005 2004 2005 2004 -------------- -------------- ------------------ ----------------- BASIC: Average number of shares outstanding 14,764,317 14,640,781 14,738,937 14,622,936 ============== ============== ================== ================= Net income $1,151,856 $3,460,428 $18,970,819 $23,223,608 ============== ============== ================== ================= Per share amount $.08 $.24 $ 1.29 $ 1.59 ============== ============== ================== ================= DILUTED: Average number of shares outstanding 14,764,317 14,640,781 14,738,937 14,622,936 Dilutive stock options--based on treasury stock method using average market price 108,854 143,941 114,934 172,475 -------------- -------------- ------------------ ----------------- Totals 14,873,171 14,784,722 14,853,871 14,795,411 ============== ============== ================== ================= Net income $1,151,856 $3,460,428 $18,970,819 $23,223,608 ============== ============== ================== ================= Per share amount $.08 $.23 $ 1.28 $ 1.57 ============== ============== ================== =================