Baldwin & Lyons, Inc.

Form 10-Q, Exhibit 11

Computation of Earnings Per Share

	Three Months Ended
	March 31
	2008	2007
Basic:
Average number of shares outstanding	15,242,614	15,137,097
Net Income (Loss)	$(4,607,537)	$    8,211,240
Per share amount	$(0.30)	$                  .54
Diluted:
Average number of shares outstanding	15,242,614	15,137,097
Dilutive stock options--based on
treasury stock method using
average market price	0	20,286
Totals	15,242,614	15,157,383
Net Income (Loss)	$(4,607,537)	$    8,211,240
Per share amount	$ (0.30)	$                  .54

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