1 EXHIBIT 11 PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (Dollars and Share Data in Thousands, except Per Share Data) (Unaudited) As of and For the Three Months Ended March 31, 2000 1999 ---- ---- Weighted-Average Common Shares Outstanding 12,328 12,209 Weighted-Average Share Equivalents Outstanding 2,496 2,824 -------- -------- Weighted-Average Shares and Share Equivalents Outstanding 14,824 15,033 ======== ======== Net Income $ 5,665 $ 4,937 ======== ======== Basic Earnings per Share $ 0.46 $ 0.40 ======== ======== Diluted Earnings per Share $ 0.38 $ 0.33 ======== ========