1 Exhibit 11 THE PROGRESSIVE CORPORATION COMPUTATION OF EARNINGS PER SHARE (MILLIONS - EXCEPT PER SHARE AMOUNTS) Years Ended December 31, 2000 1999 1998 ------------------ ----------------- ----------------- Per Per Per Amount Share Amount Share Amount Share ------------------ ----------------- ----------------- BASIC: Net income $ 46.1 $ .63 $295.2 $4.05 $456.7 $6.30 ================== ================= ================= Average shares outstanding 73.2 72.9 72.5 ====== ====== ====== DILUTED: Net income $ 46.1 $ .62 $295.2 $3.96 $456.7 $6.11 ================== ================= ================= Average shares outstanding 73.2 72.9 72.5 Net effect of dilutive stock options 1.1 1.7 2.2 ------ ------ ------ Total 74.3 74.6 74.7 ====== ====== ======