Selective Insurance (SIGI) 10-Q 2007 Q3 Quarterly report

EXHIBIT 11

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

Third Quarter 2007	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	37,119		51,427	$	0.72
Effect of dilutive securities:
Restricted stock		—		1,223
Convertible debt		332		3,288
Stock options		—		316
Deferred shares		—		180
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	37,451		56,434	$	0.66

Third Quarter 2006	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	38,056		55,728	$	0.69
Effect of dilutive securities:
Restricted stock		—		1,102
Convertible debt		407		4,136
Stock options		—		518
Deferred shares		—		176
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	38,463		61,660	$	0.63

Nine Months 2007	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	110,258		52,534	$	2.10
Effect of dilutive securities:
Restricted stock		—		1,280
Convertible debt		1,085		3,620
Stock options		—		404
Deferred shares		—		179
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	111,343		58,017	$	1.92

Nine Months 2006	Income		Shares		Per Share
(in thousands, except per share amounts)	(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	120,031		54,858	$	2.19
Effect of dilutive securities:
Restricted stock		—		1,180
Convertible debt		1,806		6,026
Stock options		—		576
Deferred shares		—		174
Diluted EPS:
Net income available to common stockholders and assumed conversions	$	121,837		62,814	$	1.94