EX-11 3 exh-11093007.txt EPS 17
BALDWIN & LYONS, INC. FORM 10-Q, EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------------------------- -------------------------------------- 2007 2006 2007 2006 ----------------- --------------- ---------------- ----------------- BASIC: Average number of shares outstanding 15,189,265 15,107,764 15,157,954 14,965,058 ================= =============== ================ ================= Net income $11,713,979 $9,878,998 $34,716,689 $26,862,142 ================= =============== ================ ================= Per share amount $.77 $.65 $2.29 $1.79 ================= =============== ================ ================= DILUTED: Average number of shares outstanding 15,189,265 15,107,764 15,157,954 14,965,058 Dilutive stock options--based on treasury stock method using average market price 11,936 22,697 17,176 48,107 ----------------- --------------- ---------------- ----------------- Totals 15,201,201 15,130,461 15,175,130 15,013,165 ================= =============== ================ ================= Net income $11,713,979 $9,878,998 $34,716,689 $26,862,142 ================= =============== ================ ================= Per share amount $.77 $.65 $2.29 $1.79 ================= =============== ================ =================