Selective Insurance (SIGI) 10-Q 2009 Q3 Quarterly report

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

Third Quarter 2009	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	20,606			52,751	$	0.39
Net loss from discontinued operations		(7,599	)		52,751		(0.14	)
Net income available to common stockholders	$	13,007			52,751	$	0.25
Effect of dilutive securities:
Restricted stock		-			280
Restricted stock units		-			196
Employee Stock Purchase Plan		-			15
Stock options		-			130
Deferred shares		-			176
Diluted EPS:
Net income from continuing operations	$	20,606			53,548	$	0.38
Net income from discontinued operations		(7,599	)		53,548		(0.14	)
Net income available to common stockholders
and assumed conversions	$	13,007			53,548	$	0.24

Third Quarter 2008	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	8,240		51,777	$	0.16
Net income from discontinued operations		752		51,777		0.01
Net income available to common stockholders	$	8,992		51,777	$	0.17
Effect of dilutive securities:
Restricted stock		-		724
Restricted stock units		-		64
Stock options		-		240
Deferred shares		-		189
Diluted EPS:
Net income from continuing operations	$	8,240		52,994	$	0.16
Net income from discontinued operations		752		52,994		0.01
Net income available to common stockholders
and assumed conversions	$	8,992		52,994	$	0.17

Nine Months 2009	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	23,014			52,560	$	0.44
Net loss from discontinued operations		(7,196	)		52,560		(0.14	)
Net income available to common stockholders	$	15,818			52,560	$	0.30
Effect of dilutive securities:
Restricted stock		-			302
Restricted stock units		-			150
Employee Stock Purchase Plan		-			10
Stock options		-			109
Deferred shares		-			181
Diluted EPS:
Net income from continuing operations	$	23,014			53,312	$	0.43
Net income from discontinued operations		(7,196	)		53,312		(0.13	)
Net income available to common stockholders
and assumed conversions	$	15,818			53,312	$	0.30

Nine Months 2008	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	56,280		52,157	$	1.07
Net income from discontinued operations		1,866		52,157		0.04
Net income available to common stockholders	$	58,146		52,157	$	1.11
Effect of dilutive securities:
Restricted stock		-		741
Restricted stock units		-		46
Stock options		-		266
Deferred shares		-		187
Diluted EPS:
Net income from continuing operations	$	56,280		53,397	$	1.06
Net income from discontinued operations		1,866		53,397		0.03
Net income available to common stockholders
and assumed conversions	$	58,146		53,397	$	1.09