EX-11 3 exhibit11.htm 12/31/07

 

Baldwin & Lyons, Inc. and Subsidiaries

Form 10-K Year Ended December 31, 2007

EXHIBIT 11

COMPUTATION OF PER SHARE EARNINGS

 

 

 

 

 

 

 

Year Ended December 31

 

2007

 

2006

 

2005

Basic:

 

 

 

 

 

Average number of Class A and

 

 

 

 

 

Class B shares outstanding

15,175,074

 

15,004,377

 

14,753,133

 

 

 

 

 

 

Net income

$55,131,112

 

$38,184,688

 

$34,222,602

 

 

 

 

 

 

Per Share Amount

$ 3.63

 

$ 2.54

 

$ 2.32

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

Average number of Class A and

 

 

 

 

 

Class B shares outstanding

15,175,074

 

15,004,377

 

14,753,133

 

 

 

 

 

 

Dilutive stock options--based on

 

 

 

 

 

treasury stock method using higher

 

 

 

 

 

of average or year end market prices

14,269

 

43,094

 

109,554

TOTALS

15,189,343

 

15,047,471

 

14,862,687

 

 

 

 

 

 

Net income

$55,131,112

 

$38,184,688

 

$34,222,602

 

 

 

 

 

 

Per Share Amount

$ 3.63

 

$ 2.54

 

$ 2.30

 

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