17
BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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2006 2005 2006 2005
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Basic:
Average number of shares
outstanding 14,979,396 14,728,235 14,892,523 14,726,036
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Net Income $5,426,984 $9,198,876 $16,983,144 $19,545,350
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Per share amount $ .36 $ .63 $ 1.14 $ 1.33
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Diluted:
Average number of shares
outstanding 14,979,396 14,728,235 14,892,523 14,726,036
Dilutive stock options--based
on
treasury stock method using
average market price 43,131 102,683 61,262 109,506
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Totals 15,022,527 14,830,918 14,953,785 14,835,542
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Net Income $5,426,984 $9,198,876 $16,983,144 $19,545,350
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Per share amount $ .36 $ .62 $ 1.14 $ 1.32
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