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EXHIBIT NO. 11
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COMPUTATION OF
EARNINGS PER SHARE
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(millions - except per share amounts)
(unaudited)
Three Months Ended March 31,
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1995 1994
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Per Per
Amount Share Amount Share
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PRIMARY:
Net income $60.7 $48.1
Less: Preferred stock dividends (2.1) (2.2)
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Income available to Common
Shareholders $58.6 $.79 $45.9 $ .62
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Average shares outstanding 71.5 72.1
Net effect of dilutive stock options 2.5 2.4
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Total 74.0 74.5
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FULLY DILUTED:
Net income $60.7 $48.1
Less: Preferred stock dividends (2.1) (2.2)
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Income available to Common
Shareholders $58.6 $.79 $45.9 $ .62
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Average shares outstanding 71.5 72.1
Net effect of dilutive stock options 2.6 2.4
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Total 74.1 74.5
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