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Exhibit No. 11
THE PROGRESSIVE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(MILLIONS - EXCEPT PER SHARE AMOUNTS)
2003 2002 2001
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Per Per Per
Years Ended December 31, Amount Share Amount Share Amount Share
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BASIC:
Net income $ 1,255.4 $ 5.79 $ 667.3 $ 3.05 $ 411.4 $ 1.86
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Average shares outstanding 216.8 219.0 221.0
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DILUTED:
Net income $ 1,255.4 $ 5.69 $ 667.3 $ 2.99 $ 411.4 $ 1.83
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Average shares outstanding 216.8 219.0 221.0
Net effect of dilutive stock-based 3.7 4.2 4.2
compensation
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Total 220.5 223.2 225.2
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All share and per share amounts were adjusted for the April 22, 2002, 3-for-1
stock split.