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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2004 2003 2004 2003
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BASIC:
Average number of shares
outstanding 14,640,781 14,558,195 14,622,936 14,556,752
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Net income $3,460,428 $8,121,996 $23,223,608 $22,954,868
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Per share amount $.24 $.56 $ 1.59 $ 1.58
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DILUTED:
Average number of shares
outstanding 14,640,781 14,558,195 14,622,936 14,556,752
Dilutive stock options--based on
treasury stock method using
average market price 143,941 184,145 172,475 141,119
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Totals 14,784,722 14,742,340 14,795,411 14,697,871
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Net income $3,460,428 $8,121,996 $23,223,608 $22,954,868
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Per share amount $.23 $.55 $ 1.57 $ 1.56
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