BALDWIN & LYONS, INC.
FORM 10-Q/A, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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2005 2004 2005 2004
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(AS RESTATED, (AS RESTATED,
SEE NOTES 3 SEE NOTES 3
AND 4) AND 4)
Basic:
Average number of shares
outstanding 14,728,235 14,624,295 14,726,036 14,613,915
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Net Income $9,198,876 $8,864,106 $19,545,350 $19,763,180
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Per share amount $ .63 $ .61 $ 1.33 $ 1.35
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Diluted:
Average number of shares
outstanding 14,728,235 14,624,295 14,726,036 14,613,915
Dilutive stock options--based on
treasury stock method using
average market price 102,683 170,893 109,506 188,587
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Totals 14,830,918 14,795,188 14,835,542 14,802,502
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Net Income $9,198,876 $8,864,106 $19,545,350 $19,763,180
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Per share amount $ .62 $ .60 $ 1.32 $ 1.34
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