EX-11 21 pgr-20171231exhibit11.htm EXHIBIT 11
Exhibit 11

THE PROGRESSIVE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(millions - except per share amounts)
|  | Years Ended December 31,
|  | 2017 |  |  | 2016 |  |  | 2015 |
Net income attributable to Progressive |  | $ | 1,592.2 |  |  | $ | 1,031.0 |  |  | $ | 1,267.6 |
Computation of Per Share Earnings Attributable to Progressive |  |  |  |  |  |
Average shares outstanding - Basic |  | 580.8 |  |  | 581.7 |  |  | 585.5 |
Net effect of dilutive stock-based compensation |  | 4.9 |  |  | 3.3 |  |  | 3.7 |
Total equivalent shares - Diluted |  | 585.7 |  |  | 585.0 |  |  | 589.2 |
Basic: Earnings per share |  | $ | 2.74 |  |  | $ | 1.77 |  |  | $ | 2.16 |
Diluted: Earnings per share |  | $ | 2.72 |  |  | $ | 1.76 |  |  | $ | 2.15 |