Selective Insurance (SIGI) 10-Q 2009 Q2 Quarterly report

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

Second Quarter 2009	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	15,688		52,571	$	0.30
Effect of dilutive securities:
Restricted stock		—		260
Restricted stock units		—		145
Stock options		—		82
Deferred shares		—		176
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	15,688		53,234	$	0.29

Second Quarter 2008	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	28,651		52,024	$	0.55
Effect of dilutive securities:
Restricted stock		—		552
Restricted stock units		—		50
Stock options		—		252
Deferred shares		—		186
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	28,651		53,064	$	0.54

Six Months 2009	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	2,811		52,462	$	0.05
Effect of dilutive securities:
Restricted stock		—		311
Restricted stock units		—		126
Stock options		—		98
Deferred shares		—		184
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	2,811		53,181	$	0.05

Six Months 2008	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	49,154		52,349	$	0.94
Effect of dilutive securities:
Restricted stock		—		609
Restricted stock units		—		37
Stock options		—		280
Deferred shares		—		186
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	49,154		53,461	$	0.92