BALDWIN & LYONS, INC.
FORM 10-Q/A, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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2005 2004 2005 2004
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(As Restated, (As Restated,
See Notes 3 and See Notes 3 and
4) 4)
BASIC:
Average number of shares
outstanding 14,764,317 14,640,781 14,738,937 14,622,936
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Net income $4,651,400 $3,460,428 $24,196,750 $23,223,608
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Per share amount $.32 $.24 $ 1.64 $ 1.59
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DILUTED:
Average number of shares
outstanding 14,764,317 14,640,781 14,738,937 14,622,936
Dilutive stock options--based on
treasury stock method using
average market price 108,854 143,941 114,934 172,475
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Totals 14,873,171 14,784,722 14,853,871 14,795,411
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Net income $4,651,400 $3,460,428 $24,196,750 $23,223,608
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Per share amount $.31 $.23 $ 1.63 $ 1.57
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