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 millions, except for per share amounts) 1999 1998 1999 1998 - --------------------------------------------------------------------------------------------------------- Basic: Weighted average number of shares outstanding 27.2 27.2 27.1 27.4 ====== ====== ====== ====== Net earnings (loss) attributable to common stockholders $ 3.5 $ 2.3 $(46.4) $ 82.7 ====== ====== ====== ====== Net earnings (loss) per basic common shares $ 0.13 $ 0.08 $(1.72) $ 3.02 ====== ====== ====== ====== Diluted: Computation of weighted average number of common and diluted equivalent shares outstanding:- Weighted average number of shares outstanding 27.2 27.2 27.1 27.4 Dilutive effect of stock options and stock awards 0.4 0.7 - 0.7 ------ ------ ------ ------ Weighted average number of common and diluted equivalent shares 27.6 27.9 27.1 28.1 ====== ====== ====== ====== Net earnings (loss) attributable to common stockholders $ 3.5 $ 2.3 $(46.4) $ 82.7 ====== ====== ====== ====== Net earnings (loss) per diluted common shares $ 0.13 $ 0.08 $(1.72) $ 2.95 ====== ====== ====== ====== The average shares for the nine months ended September 30, 1999 excludes equivalent shares of 0.3 million in the computation of diluted earnings per common share because to include them would have been antidilutive.