BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30 September 30
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2001 2000 2001 2000
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BASIC:
Average number of shares
Outstanding 12,088,201 12,214,805 12,136,383 12,565,260
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Net Income (loss) $(7,172,664) $ 3,288,536 $ 2,647,565 $14,200,738
=========== =========== =========== ===========
Per share amount $ (.59) $ .27 $ .22 $ 1.12
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DILUTED:
Average number of shares
Outstanding 12,088,201 12,214,805 12,136,383 12,565,260
Dilutive stock options--based on
treasury stock method using
average market price 82,300 90,186 82,732 95,278
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Totals 12,170,501 12,304,991 12,219,115 12,660,538
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Net Income (loss) $(7,172,664) $ 3,288,536 $ 2,647,565 $14,200,738
=========== =========== =========== ===========
Per share amount $ (.59) $ .27 $ .22 $ 1.12
=========== =========== =========== ===========
</Table>