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H.S. freshman Avg
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Baldwin & Lyons, Inc. and Subsidiaries | |||||
Form 10-K Year Ended December 31, 2007 | |||||
EXHIBIT 11 | |||||
COMPUTATION OF PER SHARE EARNINGS | |||||
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| Year Ended December 31 | ||||
| 2007 |
| 2006 |
| 2005 |
Basic: |
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Average number of Class A and |
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Class B shares outstanding | 15,175,074 |
| 15,004,377 |
| 14,753,133 |
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Net income | $55,131,112 |
| $38,184,688 |
| $34,222,602 |
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Per Share Amount | $ 3.63 |
| $ 2.54 |
| $ 2.32 |
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Diluted: |
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Average number of Class A and |
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Class B shares outstanding | 15,175,074 |
| 15,004,377 |
| 14,753,133 |
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Dilutive stock options--based on |
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treasury stock method using higher |
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of average or year end market prices | 14,269 |
| 43,094 |
| 109,554 |
TOTALS | 15,189,343 |
| 15,047,471 |
| 14,862,687 |
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Net income | $55,131,112 |
| $38,184,688 |
| $34,222,602 |
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Per Share Amount | $ 3.63 |
| $ 2.54 |
| $ 2.30 |
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