EX-11 2 exhibit11.txt EPS 82
Baldwin & Lyons, Inc. and Subsidiaries Form 10-K Year Ended December 31, 2006 EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS --------------------------------- ----------------------------------------------------------- Year Ended December 31 ----------------------------------------------------------- 2006 2005 2004 ----------------- ----------------- ----------------- Basic: Average number of Class A and Class B shares outstanding 15,004,377 14,753,133 14,641,300 ================= ================= ================= Net income $38,184,688 $34,222,602 $30,305,585 ================= ================= ================= Per Share Amount $ 2.54 $ 2.32 $ 2.07 ================= ================= ================= Diluted: Average number of Class A and Class B shares outstanding 15,004,377 14,753,133 14,641,300 Dilutive stock options--based on treasury stock method using higher of average or year end market prices 43,094 109,554 147,824 ----------------- ----------------- ----------------- TOTALS 15,047,471 14,862,687 14,789,124 ================= ================= ================= Net income $38,184,688 $34,222,602 $30,305,585 ================= ================= ================= Per Share Amount $ 2.54 $ 2.30 $ 2.05 ================= ================= =================