14
BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31
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2005 2004
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BASIC:
Average number of shares
outstanding 14,723,814 14,603,536
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Net Income $ 10,346,474 $10,899,074
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Per share amount $ .70 $ .75
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DILUTED:
Average number of shares
outstanding 14,723,814 14,603,536
Dilutive stock options--based on
treasury stock method using
average market price 120,933 211,674
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Totals 14,844,747 14,815,210
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Net Income $ 10,346,474 $ 10,899,074
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Per share amount $ .70 $ .74
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