1
EXHIBIT NO. 11
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COMPUTATION OF
EARNINGS PER SHARE
2
THE PROGRESSIVE CORPORATION AND
SUBSIDIARIES COMPUTATION OF
EARNINGS PER SHARE
(millions - except per share amounts)
(unaudited)
Three Months Nine Months
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Periods Ended September 30, 1994 1993 1994 1993
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Per Per Per Per
Amount Share Amount Share Amount Share Amount Share
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PRIMARY:
Net income $64.8 $82.6 $173.4 $213.9
Less: Preferred stock dividends (2.1) (2.3) (6.5) (7.0)
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$62.7 $.85 $80.3 $1.10 $166.9 $2.25 $206.9 $2.92
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Average shares outstanding 71.3 70.6 71.7 68.3
Net effect of dilutive stock
options 2.6 2.7 2.4 2.5
----- ----- ------ -------
Total 73.9 73.3 74.1 70.8
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FULLY DILUTED:
Net income $64.8 $82.6 $173.4 $213.9
Less: Preferred stock dividends (2.1) (2.3) (6.5) (7.0)
----- ----- ------ ------
$62.7 $.85 $80.3 $1.09 $166.9 $2.25 $206.9 $2.91
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Average shares outstanding 71.3 70.6 71.7 68.3
Net effect of dilutive stock
options 2.6 2.9 2.5 2.9
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Total 73.9 73.5 74.2 71.2
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