EX-11 2 c88445exv11.htm EXHIBIT 11

Exhibit 11

EXHIBIT 11

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

Second Quarter 2009		Income				Shares				Per Share
(in thousands, except per share amounts)		(Numerator)				(Denominator)				Amount
Basic EPS:
Net income available to common stockholders		$	15,688				52,571			$	0.30
Effect of dilutive securities:
Restricted stock			—				260
Restricted stock units			—				145
Stock options			—				82
Deferred shares			—				176
Diluted EPS:
Net income available to common stockholders and assumed conversions		$	15,688				53,234			$	0.29

Second Quarter 2008		Income				Shares				Per Share
(in thousands, except per share amounts)		(Numerator)				(Denominator)				Amount
Basic EPS:
Net income available to common stockholders		$	28,651				52,024			$	0.55
Effect of dilutive securities:
Restricted stock			—				552
Restricted stock units			—				50
Stock options			—				252
Deferred shares			—				186
Diluted EPS:
Net income available to common stockholders and assumed conversions		$	28,651				53,064			$	0.54

Six Months 2009		Income				Shares				Per Share
(in thousands, except per share amounts)		(Numerator)				(Denominator)				Amount
Basic EPS:
Net income available to common stockholders		$	2,811				52,462			$	0.05
Effect of dilutive securities:
Restricted stock			—				311
Restricted stock units			—				126
Stock options			—				98
Deferred shares			—				184
Diluted EPS:
Net income available to common stockholders and assumed conversions		$	2,811				53,181			$	0.05

Six Months 2008		Income				Shares				Per Share
(in thousands, except per share amounts)		(Numerator)				(Denominator)				Amount
Basic EPS:
Net income available to common stockholders		$	49,154				52,349			$	0.94
Effect of dilutive securities:
Restricted stock			—				609
Restricted stock units			—				37
Stock options			—				280
Deferred shares			—				186
Diluted EPS:
Net income available to common stockholders and assumed conversions		$	49,154				53,461			$	0.92