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Baldwin & Lyons, Inc. & Subsidiaries
Form 10-K Year Ended December 31, 1998
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
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Year Ended December 31
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1998 1997 1996
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Basic:
Average number of Class A and
Class B shares outstanding 13,719,728 13,776,881 14,183,922
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Net income $16,894,697 $24,445,682 $21,692,242
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Per Share Amount $ 1.23 $ 1.77 $ 1.53
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Diluted:
Average number of Class A and
Class B shares outstanding 13,719,728 13,776,881 14,183,922
Dilutive stock options--based on
treasury stock method using higher
of average or year end market prices 146,448 192,371 190,702
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TOTALS 13,866,176 13,969,252 14,374,624
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Net income $16,894,697 $24,445,682 $21,692,242
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Per Share Amount $ 1.22 $ 1.75 $ 1.51
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