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Baldwin & Lyons, Inc. and Subsidiaries
Form 10-K Year Ended December 31, 2001
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31
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2001 2000 1999
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Basic:
Average number of Class A and
Class B shares outstanding 12,122,862 12,466,510 13,393,357
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Net income $5,390,495 $19,749,722 $18,615,882
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Per Share Amount $ 0.44 $ 1.58 $ 1.39
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Diluted:
Average number of Class A and
Class B shares outstanding 12,122,862 12,466,510 13,393,357
Dilutive stock options--based on
treasury stock method using higher
of average or year end market prices 84,083 88,612 127,615
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TOTALS 12,206,945 12,555,122 13,520,972
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Net income $5,390,495 $19,749,722 $18,615,882
=========== =========== ===========
Per Share Amount $ 0.44 $ 1.57 $ 1.38
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