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BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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2002 2001 2002 2001
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BASIC:
Average number of shares
Outstanding 11,642,129 12,088,201 11,704,002 12,136,383
============ ============ ============ ============
Net income (loss) $ 2,830,709 ($ 7,172,664) $13,211,521 $ 2,647,565
============ ============ ============ ============
Per share amount $ .24 ($ .59) $ 1.13 $ .22
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DILUTED:
Average number of shares
Outstanding 11,642,129 12,088,201 11,704,002 12,136,383
Dilutive stock options--based on
treasury stock method using
average market price 81,512 82,300 81,830 82,732
------------ ------------ ------------ ------------
Totals 11,723,641 12,170,501 11,785,832 12,219,115
============ ============ ============ ============
Net income (loss) $ 2,830,709 ($ 7,172,664) $13,211,521 $ 2,647,565
============ ============ ============ ============
Per share amount $ .24 ($ .59) $ 1.12 $ .22
============ ============ ============ ============
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