Exhibit (11) 	 			 THE MIDLAND COMPANY 			 AND SUBSIDIARIES 	EXHIBIT (11) - COMPUTATION OF CONSOLIDATED NET INCOME PER SHARE 		FOR THE YEARS DECEMBER 31, 1993, 1992 AND 1991 				 1993 1992 1991 				 -------------------------------------------- Net Income $17,972,000 (a) $11,979,000 $9,231,000 				 ============================================ Assuming no dilution: Weighted average number of shares outstanding 3,004,000 2,983,000 3,061,000 				 ============================================ Per share (net income divided by the weighted average number of shares outstanding) $5.98 (a) $4.02 $3.02 				 ============================================ Primary: Adjusted shares outstanding - after giving effect to conversion of stock options and stock awards 3,074,000 3,007,000 3,126,000 				 ============================================ Per share - after giving effect to conversion of stock options and stock awards (net income divided by adjusted shares outstanding) $5.85 (a) $3.98 $2.95 				 ============================================ Fully diluted: Adjusted shares outstanding - after giving effect to conversion of stock options and stock awards 3,078,000 3,079,000 3,151,000 				 ============================================ Per share - after giving effect to conversion of stock options and stock awards (net income divided by adjusted shares outstanding) $5.84 (a) $3.87 $2.93 				 ============================================ (a) Includes a credit of $4,867,000, $1.58 per common share (primary and fully diluted), for the cumulative effect of a change in accounting from the adoption of Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, effective January 1, 1993.