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Baldwin & Lyons, Inc. and Subsidiaries
Form 10-K Year Ended December 31, 2000
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31
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2000 1999 1998
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Basic:
Average number of Class A and
Class B shares outstanding 12,466,510 13,393,357 13,719,728
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Net income $19,749,722 $18,615,882 $16,894,697
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Per Share Amount $ 1.58 $ 1.39 $ 1.23
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Diluted:
Average number of Class A and
Class B shares outstanding 12,466,510 13,393,357 13,719,728
============ ============ ============
Dilutive stock options--based on
treasury stock method using higher
of average or year end market prices 88,612 127,615 146,448
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TOTALS 12,555,122 13,520,972 13,866,176
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Net income $19,749,722 $18,615,882 $16,894,697
============ ============ ============
Per Share Amount $ 1.57 $ 1.38 $ 1.22
============ ============ ============
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