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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Baldwin & Lyons, Inc. & Subsidiaries
Year Ended December 31
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1997 1996 1995
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Basic:
Average number of Class A and
Class B shares outstanding 13,776,881 14,183,922 14,756,784
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Net income $24,445,682 $21,692,242 $29,359,773
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Per Share Amount $ 1.77 $ 1.53 $ 1.99
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Diluted:
Average number of Class A and
Class B shares outstanding 13,776,881 14,183,922 14,756,784
Dilutive stock options--based on
treasury stock method using higher
of average or year end market prices 192,371 190,702 208,648
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TOTALS 13,969,252 14,374,624 14,965,432
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Net income $24,445,682 $21,692,242 $29,359,773
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Per Share Amount $ 1.75 $ 1.51 $ 1.96
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