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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 Six Months
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Periods Ended June 30, 1995 1994 1995 1994
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Per Per Per Per
Amount Share Amount Share Amount Share Amount Share
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PRIMARY:
Net income $60.8 $60.5 $121.5 $108.6
Less: Preferred stock dividends (2.1) (2.1) (4.2) (4.4)
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Income available to common
shareholders $58.7 $.79 $58.4 $ .79 $117.3 $1.59 $104.2 $1.40
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Average shares outstanding 71.8 71.5 71.7 71.8
Net effect of dilutive stock options 2.2 2.3 2.3 2.4
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Total 74.0 73.8 74.0 74.2
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FULLY DILUTED:
Net income $60.8 $60.5 $121.5 $108.6
Less: Preferred stock dividends (2.1) (2.1) (4.2) (4.4)
Income available to common ------------------------- ------------------------------
shareholders $58.7 $.79 $58.4 $ .79 $117.3 $1.59 $104.2 $1.40
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Average shares outstanding 71.8 71.5 71.7 71.8
Net effect of dilutive stock options 2.2 2.4 2.3 2.4
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Total 74.0 73.9 74.0 74.2
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