BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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2003 2002 2003 2002
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BASIC:
Average number of shares
outstanding 14,557,643 14,557,064 14,556,018 14,669,313
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Net Income $10,301,148 $4,922,270 $14,832,872 $10,380,812
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Per share amount $ .71 $ .34 $ 1.02 $ .71
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DILUTED:
Average number of shares
outstanding 14,557,643 14,557,064 14,556,018 14,669,313
Dilutive stock options--based on
treasury stock method using
average market price 157,491 100,641 116,027 100,579
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Totals 14,715,134 14,657,705 14,672,045 14,769,892
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Net Income $10,301,148 $4,922,270 $14,832,872 $10,380,812
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Per share amount $ .70 $ .34 $ 1.01 $ .70
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