Selective Insurance (SIGI) 10-Q 2012 Q1 Quarterly report

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

First Quarter 2012	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common shareholders	$	18,093		54,659	$	0.33
Effect of dilutive securities:
Stock compensation plans		-		946
Diluted EPS:
Net income available to common stockholders	$	18,093		55,605	$	0.33

First Quarter 2011	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common shareholders	$	20,500		53,863	$	0.38
Effect of dilutive securities:
Stock compensation plans		-		1,191
Diluted EPS:
Net income available to common stockholders	$	20,500		55,054	$	0.37