EXHIBIT 11

            Philadelphia Consolidated Holding Corp. and Subsidiaries
                        Computation of Earnings Per Share
          (Dollars and Share Data in Thousands, Except Per Share Data)



                                                              As of and For the Years Ended December 31,
                                                            ---------------------------------------------
                                                               2003               2002            2001
                                                            (Restated)         (Restated)      (Restated)
                                                            ----------         ----------      ----------
                                                                                      
Weighted-Average Common Shares Outstanding                     21,909             21,611          16,529
Weighted-Average Share Equivalents Outstanding                    751                682             656
                                                             --------           --------        --------
Weighted-Average Shares and Share Equivalents Outstanding      22,660             22,293          17,185
                                                             ========           ========        ========
Net Income                                                   $ 62,187           $ 33,753        $ 32,811
                                                             ========           ========        ========
Basic Earnings Per Share                                     $   2.84           $   1.56        $   1.99
                                                             ========           ========        ========
Diluted Earnings Per Share                                   $   2.74           $   1.51        $   1.91
                                                             ========           ========        ========