17
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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2006 2005 2006 2005
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BASIC:
Average number of shares
outstanding 15,107,764 14,764,317 14,965,058 14,738,937
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Net income $9,878,998 $4,651,400 $26,862,142 $24,196,750
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Per share amount $.65 $.32 $ 1.79 $ 1.64
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DILUTED:
Average number of shares
outstanding 15,107,764 14,764,317 14,965,058 14,738,937
Dilutive stock options--based on
treasury stock method using
average market price 22,697 108,854 48,107 114,934
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Totals 15,130,461 14,873,171 15,013,165 14,853,871
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Net income $9,878,998 $4,651,400 $26,862,142 $24,196,750
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Per share amount $.65 $.31 $ 1.79 $ 1.63
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