56
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Baldwin & Lyons, Inc. & Subsidiaries
-----------------------------------
Year Ended December 31
-----------------------------------
1996 1995 1994
----------- ----------- -----------
Primary:
Average number of Class A and
Class B shares outstanding 14,183,922 14,756,784 14,921,755
Dilutive stock options--based on
treasury stock method using average
market price 171,339 176,363 261,559
----------- ----------- -----------
TOTALS 14,355,261 14,933,147 15,183,314
=========== =========== ===========
Net income $21,692,242 $29,359,773 $20,790,700
=========== =========== ===========
Per Share Amount $ 1.51 $ 1.97 $ 1.37
=========== =========== ===========
Fully Diluted:
Average number of Class A and
Class B shares outstanding 14,183,922 14,756,784 14,921,755
Dilutive stock options--based on
treasury stock method using higher
of average or year end market prices 171,620 176,447 262,018
----------- ----------- -----------
TOTALS 14,355,542 14,933,231 15,183,773
=========== =========== ===========
Net income $21,692,242 $29,359,773 $20,790,700
=========== =========== ===========
Per Share Amount $ 1.51 $ 1.97 $ 1.37
=========== =========== ===========
56