EX-11 3 c71415exv11.htm EXHIBIT 11 Filed by Bowne Pure Compliance
 

EXHIBIT 11

SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

                         
Third Quarter 2007   Income     Shares     Per Share  
(in thousands, except per share amounts)   (Numerator)     (Denominator)     Amount  
Basic EPS:
                        
Net income available to common stockholders
   $ 37,119       51,427     $ 0.72  
 
                  
Effect of dilutive securities:
                        
Restricted stock
     —       1,223          
Convertible debt
     332       3,288          
Stock options
     —       316          
Deferred shares
     —       180          
 
                    
Diluted EPS:
                        
Net income available to common stockholders and assumed conversions
   $ 37,451       56,434     $ 0.66  
 
                  
                         
Third Quarter 2006   Income     Shares     Per Share  
(in thousands, except per share amounts)   (Numerator)     (Denominator)     Amount  
Basic EPS:
                        
Net income available to common stockholders
   $ 38,056       55,728     $ 0.69  
 
                  
Effect of dilutive securities:
                        
Restricted stock
     —       1,102          
Convertible debt
     407       4,136          
Stock options
     —       518          
Deferred shares
     —       176          
 
                    
Diluted EPS:
                        
Net income available to common stockholders and assumed conversions
   $ 38,463       61,660     $ 0.63  
 
                  
                         
Nine Months 2007   Income     Shares     Per Share  
(in thousands, except per share amounts)   (Numerator)     (Denominator)     Amount  
Basic EPS:
                        
Net income available to common stockholders
   $ 110,258       52,534     $ 2.10  
 
                  
Effect of dilutive securities:
                        
Restricted stock
     —       1,280          
Convertible debt
     1,085       3,620          
Stock options
     —       404          
Deferred shares
     —       179          
 
                    
Diluted EPS:
                        
Net income available to common stockholders and assumed conversions
   $ 111,343       58,017     $ 1.92  
 
                  
                         
Nine Months 2006   Income     Shares     Per Share  
(in thousands, except per share amounts)   (Numerator)     (Denominator)     Amount  
Basic EPS:
                        
Net income available to common stockholders
   $ 120,031       54,858     $ 2.19  
 
                  
Effect of dilutive securities:
                        
Restricted stock
     —       1,180          
Convertible debt
     1,806       6,026          
Stock options
     —       576          
Deferred shares
     —       174          
 
                    
Diluted EPS:
                        
Net income available to common stockholders and assumed conversions
   $ 121,837       62,814     $ 1.94