BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31
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2003 2002
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BASIC:
Average number of shares
outstanding 14,554,376 14,782,810
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Net Income $4,531,724 $5,458,542
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Per share amount $ .31 $ .37
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DILUTED:
Average number of shares
outstanding 14,554,376 14,782,810
Dilutive stock options--based on
treasury stock method using
average market price 101,548 98,770
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Totals 14,655,924 14,881,580
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Net Income $4,531,724 $5,458,542
=================== ====================
Per share amount $ .31 $ .37
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