EX-11 3 v219656_ex11.htm
EXHIBIT 11
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

First Quarter 2011 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income available to common shareholders |  | $ | 21,549 |  |  |  | 53,863 |  |  | $ | 0.40 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and restricted stock units |  |  | - |  |  |  | 858 |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | 4 |  |  |  |  |
Stock options |  |  | - |  |  |  | 141 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 188 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 21,549 |  |  |  | 55,054 |  |  | $ | 0.39 |

First Quarter 2010 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 6,593 |  |  |  | 53,144 |  |  | $ | 0.12 |
Net loss from discontinued operations |  |  | (790 | ) |  |  | 53,144 |  |  |  | (0.01 | )
Net income available to common stockholders |  | $ | 5,803 |  |  |  | 53,144 |  |  | $ | 0.11 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock |  |  | - |  |  |  | 82 |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | 684 |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | 1 |  |  |  |  |
Stock options |  |  | - |  |  |  | 126 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 180 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 6,593 |  |  |  | 54,217 |  |  | $ | 0.12 |
Net loss from discontinued operations |  |  | (790 | ) |  |  | 54,217 |  |  |  | (0.01 | )
Net income available to common stockholders |  | $ | 5,803 |  |  |  | 54,217 |  |  | $ | 0.11 |