1 EXHIBIT 11 SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998 =============================================================================== ($ in thousands, except per share amounts) Income Shares Per Share (Numerator) (Denominator) Amount - ----------------------------------------------------------------------------------------------------------------- 2000 - ---- BASIC EPS: Net Income available to common stockholders 26,535 24,907 $ 1.07 ======== EFFECT OF DILUTIVE SECURITIES Restricted stock -- 752 8.75% convertible subordinated debentures 250 649 Stock options (18) 210 ----------- ------------ DILUTED EPS Income available to common stockholders and assumed conversions 26,767 26,518 1.01 =========== ============ ======== 1999 - ---- BASIC EPS: Net Income available to common stockholders 53,717 27,081 1.98 ======== EFFECT OF DILUTIVE SECURITIES Restricted stock -- 683 8.75% convertible subordinated debentures 355 873 Stock options (127) 240 ----------- ------------ DILUTED EPS Income available to common stockholders and assumed conversions 53,945 28,877 1.87 =========== ============ ======== 1998 - ---- BASIC EPS: Net Income available to common stockholders 53,570 28,480 1.88 ======== EFFECT OF DILUTIVE SECURITIES Restricted stock -- 534 8.75% convertible subordinated debentures 375 926 Stock options (989) 472 ----------- ------------ DILUTED EPS Income available to common stockholders and assumed conversions 52,956 30,412 1.74 =========== ============ ========