EX-11 3 exhibit11.txt STATEMENT RE: EARNINGS PER SHARE
BALDWIN & LYONS, INC. AND SUBSIDIARIES FORM 10-K YEAR ENDED DECEMBER 31, 2005 EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS ----------------------------------------------------------- YEAR ENDED DECEMBER 31 ----------------------------------------------------------- 2005 2004 2003 ----------------- ----------------- ----------------- Basic: Average number of Class A and Class B shares outstanding 14,753,133 14,641,300 14,562,310 ================= ================= ================= Net income $34,222,602 $30,305,585 $33,075,554 ================= ================= ================= Per Share Amount $ 2.32 $ 2.07 $ 2.27 ================= ================= ================= Diluted: Average number of Class A and Class B shares outstanding 14,753,133 14,641,300 14,562,310 Dilutive stock options--based on treasury stock method using higher of average or year end market prices 109,554 147,824 135,659 ----------------- ----------------- ----------------- TOTALS 14,862,687 14,789,124 14,697,969 ================= ================= ================= Net income $34,222,602 $30,305,585 $33,075,554 ================= ================= ================= Per Share Amount $ 2.30 $ 2.05 $ 2.25 ================= ================= ================= Note: All share, per share and option amounts reflect a five-for-four stock split, effective February 17, 2003.