Selective Insurance (SIGI) 10-Q 2011 Q2 Quarterly report

Exhibit 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

Second Quarter 2011	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	2,325		54,049	$	0.04
Effect of dilutive securities:
Restricted stock units		-		788
Stock options		-		111
Deferred shares		-		187
Diluted EPS:
Net income available to common stockholders	$	2,325		55,135	$	0.04

Second Quarter 2010	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	20,091			53,289	$	0.37
Net loss from discontinued operations		(1,325	)		53,289		(0.02	)
Net income available to common stockholders	$	18,766			53,289	$	0.35
Effect of dilutive securities:
Restricted stock		-			7
Restricted stock units		-			768
Stock options		-			115
Deferred shares		-			182
Diluted EPS:
Net income from continuing operations	$	20,091			54,361	$	0.37
Net loss from discontinued operations		(1,325	)		54,361		(0.02	)
Net income available to common stockholders	$	18,766			54,361	$	0.35

Six Months 2011	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	23,874		53,956	$	0.44
Effect of dilutive securities:
Restricted stock and restricted stock units		-		823
Stock options		-		125
Deferred shares		-		188
Diluted EPS:
Net income available to common stockholders	$	23,874		55,092	$	0.43

Six Months 2010	Income			Shares		Per Share
(in thousands, except per share amounts)	(Numerator)			(Denominator)		Amount
Basic EPS:
Net income from continuing operations	$	26,684			53,217	$	0.50
Net loss from discontinued operations		(2,115	)		53,217		(0.04	)
Net income available to common stockholders	$	24,569			53,217	$	0.46
Effect of dilutive securities:
Restricted stock		-			44
Restricted stock units		-			726
Stock options		-			121
Deferred shares		-			181
Diluted EPS:
Net income from continuing operations	$	26,684			54,289	$	0.49
Net loss from discontinued operations		(2,115	)		54,289		(0.04	)
Net income available to common stockholders	$	24,569			54,289	$	0.45