EX-11 3 exh-11063006.txt EPS 17
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ----------------------------------- --------------------------------------- 2006 2005 2006 2005 --------------- -------------- ------------------- ---------------- Basic: Average number of shares outstanding 14,979,396 14,728,235 14,892,523 14,726,036 =============== ============== =================== ================ Net Income $5,426,984 $9,198,876 $16,983,144 $19,545,350 =============== ============== =================== ================ Per share amount $ .36 $ .63 $ 1.14 $ 1.33 =============== ============== =================== ================ Diluted: Average number of shares outstanding 14,979,396 14,728,235 14,892,523 14,726,036 Dilutive stock options--based on treasury stock method using average market price 43,131 102,683 61,262 109,506 --------------- -------------- ------------------- ---------------- Totals 15,022,527 14,830,918 14,953,785 14,835,542 =============== ============== =================== ================ Net Income $5,426,984 $9,198,876 $16,983,144 $19,545,350 =============== ============== =================== ================ Per share amount $ .36 $ .62 $ 1.14 $ 1.32 =============== ============== =================== ================