BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
<Table>
<Caption>
Three Months Ended Six Months Ended
June 30 June 30
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2001 2000 2001 2000
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BASIC:
Average number of shares
Outstanding 12,147,568 12,433,434 12,160,873 12,742,413
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Net Income $ 2,644,288 $ 4,636,643 $ 9,820,229 $10,912,202
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Per share amount $ .22 $ .37 $ .81 $ .86
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DILUTED:
Average number of shares
Outstanding 12,147,568 12,433,434 12,160,873 12,742,413
Dilutive stock options--based on
treasury stock method using
average market price 80,874 92,785 81,312 95,850
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Totals 12,228,442 12,526,219 12,242,185 12,838,263
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Net Income $ 2,644,288 $ 4,636,643 $ 9,820,229 $10,912,202
=========== =========== =========== ===========
Per share amount $ .22 $ .37 $ .80 $ .85
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</Table>