EX-11 8 exhibit11.htm EXHIBIT 11

Exhibit 11

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Nine months ended September 30, 2004 and 2003

2004		Income		Shares		Per Share
(in thousands, except per share amounts)		(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	84,730		26,695	$	3.17
		==========		==========		=======
Effect of dilutive securities:
Restricted stock				991
Convertible debt		2,448		4,110
Stock options				431
Deferred shares				113
Diluted EPS:
Income available to common stockholders
and assumed conversions	$	87,178		32,340	$	2.70
		==========		==========		=======
2003		Income		Shares		Per Share
(in thousands, except per share amounts)		(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	42,503		26,067	$	1.63
		==========		==========		=======
Effect of dilutive securities:
Restricted stock		-		878
8.75% convertible subordinated debentures		55		177
Stock options		-		313
Deferred shares		-		120
Diluted EPS:
Income available to common stockholders
and assumed conversions	$	42,558		27,555	$	1.54
		==========		==========		=======

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Quarter ended September 30, 2004 and 2003

2004		Income		Shares		Per Share
(in thousands, except per share amounts)		(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	28,328		26,779	$	1.05
		==========		==========		=======
Effect of dilutive securities:
Restricted stock				1,006
Convertible debt		818		4,104
Stock options				409
Deferred shares				100
Diluted EPS:
Income available to common stockholders
and assumed conversions	$	29,146		32,398	$	0.90
		==========		==========		=======
2003		Income		Shares		Per Share
(in thousands, except per share amounts)		(Numerator)		(Denominator)		Amount
Basic EPS:
Net income available to common stockholders	$	14,717		26,179	$	0.56
		==========		==========		=======
Effect of dilutive securities:
Restricted stock		-		893
8.75% convertible subordinated debentures		18		171
Stock options		-		360
Deferred shares		-		120
Diluted EPS:
Income available to common stockholders
and assumed conversions	$	14,735		27,723	$	0.53
		==========		==========		=======