1
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, 1996 1995 1996 1995
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Per Per Per Per
Amount Share Amount Share Amount Share Amount Share
------------------- ------------------- -------------------- ------------------
PRIMARY:
Net income $78.4 $60.8 $141.8 $121.5
Less: Preferred stock dividends (1.2) (2.1) (3.5) (4.2)
Excess of preferred stock
liquidation price over
carrying value (2.9) -- (2.9) --
----------- ---------- ----------- ----------
Income available to common
shareholders 74.3 1.01 58.7 .79 135.4 1.83 117.3 1.59
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Average shares outstanding 71.4 71.8 71.8 71.7
Net effect of dilutive stock options 2.2 2.2 2.3 2.3
------------------- ---------- -------------------- ----------
Total 73.6 74.0 74.1 74.0
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FULLY DILUTED:
Net income $78.4 $60.8 $141.8 $121.5
Less: Preferred stock dividends (1.2) (2.1) (3.5) (4.2)
Excess of preferred stock
liquidation price over
carrying value (2.9) -- (2.9) --
----------- ---------- ----------- ----------
Income available to common
shareholders 74.3 1.01 58.7 .79 135.4 1.83 117.3 1.59
=================== =================== ==================== ==================
Average shares outstanding 71.4 71.8 71.8 71.7
Net effect of dilutive stock options 2.3 2.2 2.3 2.3
------------------- ---------- -------------------- ----------
Total 73.7 74.0 74.1 74.0
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