1
EXHIBIT NO. 11
COMPUTATION OF EARNINGS
PER SHARE
2
THE PROGRESSIVE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(millions - except per share amounts)
1993 1992 1991
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Per Per Per
Amount Share Amount Share Amount Share
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PRIMARY:
Net income $267.3 $153.8 $32.9
Less: Preferred stock
dividends (9.2) (9.4) (5.8)
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$258.1 $3.59 $144.4 $2.32 $27.1 $ .41
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Average shares
outstanding 69.3 60.7 65.4
Net effect of dilutive
stock options 2.5 1.6 1.2
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Total 71.8 62.3 66.6
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FULLY DILUTED:
Net income $267.3 $153.8 $32.9
Add: Interest on
convertible debt
instrument (net of
taxes) -- 3.0 4.3
Less: Preferred stock
dividends (9.2) (9.4) (5.8)
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$258.1 $3.58 $147.4 $2.05 $31.4 $ **
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Average shares
outstanding 69.3 60.7 65.4
Net effect of dilutive
stock options 2.7 2.6 1.2
Net effect of convertible
debt instrument -- 8.6 9.0
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Total 72.0 71.9 75.6
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<FN>
**1991 earnings were antidilutive and, therefore, reported on a primary basis.
All share and per share amounts were adjusted for the December 8, 1992 3-for-1 stock split.