Selective Insurance (SIGI) 10-Q 2010 Q3 Quarterly report

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

Third Quarter 2010	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	18,831			53,457		0.35
Net loss from discontinued operations		(1,634	)		53,457		(0.03	)
Net income available to common stockholders	$	17,197			53,457		0.32
Effect of dilutive securities:
Restricted stock		-			7
Restricted stock units		-			824
Employee stock purchase plan		-			7
Stock options		-			93
Deferred shares		-			185
Diluted EPS:
Net income from continuing operations	$	18,831			54,573		0.35
Net loss from discontinued operations		(1,634	)		54,573		(0.03	)
Net income available to common stockholders		17,197			54,573		0.32

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 loss from discontinued operations		(7,599	)		53,548		(0.14	)
Net income available to common stockholders		13,007			53,548		0.24

Nine Months 2010	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	45,515			53,298		0.85
Net loss from discontinued operations		(3,749	)		53,298		(0.07	)
Net income available to common stockholders	$	41,766			53,298		0.78
Effect of dilutive securities:
Restricted stock		-			32
Restricted stock units		-			759
Employee stock purchase plan		-			8
Stock options		-			111
Deferred shares		-			182
Diluted EPS:
Net income from continuing operations	$	45,515			54,390		0.84
Net loss from discontinued operations		(3,749	)		54,390		(0.07	)
Net income available to common stockholders		41,766			54,390		0.77

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 loss from discontinued operations		(7,196	)		53,312		(0.13	)
Net income available to common stockholders		15,818			53,312		0.30