EX-11 7 exh-11063005a.txt EPS
BALDWIN & LYONS, INC. FORM 10-Q/A, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 --------------------------------- ------------------------------------ 2005 2004 2005 2004 -------------- -------------- ---------------- ---------------- (AS RESTATED, (AS RESTATED, SEE NOTES 3 SEE NOTES 3 AND 4) AND 4) Basic: Average number of shares outstanding 14,728,235 14,624,295 14,726,036 14,613,915 ============== ============== ================ ================ Net Income $9,198,876 $8,864,106 $19,545,350 $19,763,180 ============== ============== ================ ================ Per share amount $ .63 $ .61 $ 1.33 $ 1.35 ============== ============== ================ ================ Diluted: Average number of shares outstanding 14,728,235 14,624,295 14,726,036 14,613,915 Dilutive stock options--based on treasury stock method using average market price 102,683 170,893 109,506 188,587 -------------- -------------- ---------------- ---------------- Totals 14,830,918 14,795,188 14,835,542 14,802,502 ============== ============== ================ ================ Net Income $9,198,876 $8,864,106 $19,545,350 $19,763,180 ============== ============== ================ ================ Per share amount $ .62 $ .60 $ 1.32 $ 1.34 ============== ============== ================ ================