Exhibit 11 ORION CAPITAL CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, ------------------- --------------------- (In thousands, except per share data) 1998 1997 1998 1997 - -------------------------------------------------------------------------------------------------------- Basic: Weighted average number of shares outstanding 27,215 27,335 27,357 27,313 ===================== ===================== Net earnings attributable to common stockholders $ 2,308 $ 24,526 $ 82,655 $ 79,385 ===================== ===================== Net earnings per basic common share $ 0.08 $ 0.90 $ 3.02 $ 2.91 ===================== ===================== Diluted: Computation of weighted average number of common and diluted equivalent shares outstanding:- Weighted average number of shares outstanding 27,215 27,335 27,357 27,313 Dilutive effect of stock options and stock awards 638 546 694 515 --------------------- --------------------- Weighted average number of common and diluted equivalent shares 27,853 27,881 28,051 27,828 ===================== ==================== Net earnings attributable to common stockholders $ 2,308 $ 24,526 $ 82,655 $ 79,385 ===================== ==================== Net earnings per diluted common share $ 0.08 $ 0.88 $ 2.95 $ 2.85 ===================== ====================