16
BALDWIN & LYONS, INC.
FORM 10-Q, EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31
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2007 2006
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BASIC:
Average number of shares
outstanding 15,137,097 14,804,684
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Net Income $8,211,240 $11,556,160
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Per share amount $ .54 $ .78
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DILUTED:
Average number of shares
outstanding 15,137,097 14,804,684
Dilutive stock options--based on
treasury stock method using
average market price 20,286 83,956
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Totals 15,157,383 14,888,640
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Net Income $8,211,240 $11,556,160
================= ===================
Per share amount $ .54 $ .78
================= ===================