EXHIBIT 11
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
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2001
Income/(Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
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Basic EPS:
Net income from continuing operations $ 26,318 24,583 $ 1.07
Net (loss) from discontinued operations (625) 24,583 (0.02)
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Net income available to common stockholders $ 25,693 24,583 $ 1.05
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Effect of dilutive securities:
Restricted stock -- 769
8.75% convertible subordinated debentures 220 540
Stock options (141) 469
Deferred shares -- 63
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Diluted EPS:
Income from continuing operations $ 26,397 26,424 $ 1.00
Net (loss) from discontinued operations (625) 26,424 (0.02)
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Income available to common stockholders
and assumed conversions $ 25,772 26,424 $ 0.98
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2000
Income/(Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
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Basic EPS:
Net income from continuing operations $ 26,686 24,907 $ 1.07
Net (loss) from discontinued operations (151) 24,907 --
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Net income available to common stockholders $ 26,535 24,907 $ 1.07
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Effect of dilutive securities:
Restricted stock -- 752
8.75% convertible subordinated debentures 250 649
Stock options (18) 210
Deferred shares -- 54
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Diluted EPS:
Income from continuing operations $ 26,918 26,572 $ 1.01
Net (loss) from discontinued operations (151) 26,572 --
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Income available to common stockholders
and assumed conversions $ 26,767 26,572 $ 1.01
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EXHIBIT 11 (CONTINUED)
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
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1999
Income/(Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
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Basic EPS:
Net income from continuing operations $ 54,241 27,081 $ 2.00
Net (loss) from discontinued operations (524) 27,081 (0.02)
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Net income available to common stockholders $ 53,717 27,081 $ 1.98
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Effect of dilutive securities:
Restricted stock -- 683
8.75% convertible subordinated debentures 355 873
Stock options (127) 240
Deferred shares -- 42
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Diluted EPS:
Income from continuing operations $ 54,469 28,919 $ 1.88
Net (loss) from discontinued operations (524) 28,919 (0.01)
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Income available to common stockholders
and assumed conversions $ 53,945 28,919 $ 1.87
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