EXHIBIT 11
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
2002
Income (Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
------------- ------------- ---------
Basic EPS:
Net income from continuing operations $ 42,138 25,301 $ 1.67
Net (loss) from discontinued operations (169) 25,301 (0.01)
-------- --------
Net income available to common stockholders $ 41,969 25,301 $ 1.66
======== ====== ========
Effect of dilutive securities:
Restricted stock -- 796
8.75% convertible subordinated debentures 143 363
Stock options -- 359
Deferred shares -- 103
-------- ------
Diluted EPS:
Income from continuing operations $ 42,281 26,922 $ 1.57
Net (loss) from discontinued operations (169) 26,922 (0.01)
-------- --------
Income available to common stockholders
and assumed conversions $ 42,112 26,922 $ 1.56
======== ====== ========
2001
Income (Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
------------- ------------- ---------
Basic EPS:
Net income from continuing operations $ 26,318 24,583 $ 1.07
Net (loss) from discontinued operations (625) 24,583 (0.02)
-------- --------
Net income available to common stockholders $ 25,693 24,583 $ 1.05
======== ====== ========
Effect of dilutive securities:
Restricted stock -- 769
8.75% convertible subordinated debentures 220 540
Stock options (141) 469
Deferred shares -- 63
-------- ------
Diluted EPS:
Income from continuing operations $ 26,397 26,424 $ 1.00
Net (loss) from discontinued operations (625) 26,424 (0.02)
-------- --------
Income available to common stockholders
and assumed conversions $ 25,772 26,424 $ 0.98
======== ====== ========
EXHIBIT 11 (CONTINUED)
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
2000
Income (Loss) Shares Per Share
(in thousands, except per share amounts) (Numerator) (Denominator) Amount
------------- ------------- ---------
Basic EPS:
Net income from continuing operations $ 26,686 24,907 $ 1.07
Net (loss) from discontinued operations (151) 24,907 --
-------- --------
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
Deferred shares -- 54
-------- ------
Diluted EPS:
Income from continuing operations $ 26,918 26,572 $ 1.01
Net (loss) from discontinued operations (151) 26,572 --
-------- --------
Income available to common stockholders
and assumed conversions $ 26,767 26,572 $ 1.01
======== ====== ========