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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2003 2002 2003 2002
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BASIC:
Average number of shares
outstanding 14,558,195 14,552,661 14,556,752 14,630,002
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Net income $8,121,996 $2,830,709 $22,954,868 $13,211,521
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Per share amount $.56 $.19 $ 1.58 $ .90
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DILUTED:
Average number of shares
outstanding 14,558,195 14,552,661 14,556,752 14,630,002
Dilutive stock options--based on
treasury stock method using
average market price 184,145 101,890 141,119 102,288
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Totals 14,742,340 14,654,551 14,697,871 14,732,290
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Net income $8,121,996 $2,830,709 $22,954,868 $13,211,521
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Per share amount $.55 $.19 $ 1.56 $ .90
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