EX-11 2 exh-11093005a.txt EPS
BALDWIN & LYONS, INC. FORM 10-Q/A, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ----------------------------------- -------------------------------------- 2005 2004 2005 2004 ----------------- -------------- ------------------ ---------------- (As Restated, (As Restated, See Notes 3 and See Notes 3 and 4) 4) BASIC: Average number of shares outstanding 14,764,317 14,640,781 14,738,937 14,622,936 ================= ============== ================== ================ Net income $4,651,400 $3,460,428 $24,196,750 $23,223,608 ================= ============== ================== ================ Per share amount $.32 $.24 $ 1.64 $ 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 $4,651,400 $3,460,428 $24,196,750 $23,223,608 ================= ============== ================== ================ Per share amount $.31 $.23 $ 1.63 $ 1.57 ================= ============== ================== ================