EX-11 3 v229723_ex11.htm
Exhibit 11
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

Second Quarter 2011 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 2,325 |  |  |  | 54,049 |  |  | $ | 0.04 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | 788 |  |  |  |  |
Stock options |  |  | - |  |  |  | 111 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 187 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 2,325 |  |  |  | 55,135 |  |  | $ | 0.04 |

Second Quarter 2010 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 20,091 |  |  |  | 53,289 |  |  | $ | 0.37 |
Net loss from discontinued operations |  |  | (1,325 | ) |  |  | 53,289 |  |  |  | (0.02 | )
Net income available to common stockholders |  | $ | 18,766 |  |  |  | 53,289 |  |  | $ | 0.35 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock |  |  | - |  |  |  | 7 |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | 768 |  |  |  |  |
Stock options |  |  | - |  |  |  | 115 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 182 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 20,091 |  |  |  | 54,361 |  |  | $ | 0.37 |
Net loss from discontinued operations |  |  | (1,325 | ) |  |  | 54,361 |  |  |  | (0.02 | )
Net income available to common stockholders |  | $ | 18,766 |  |  |  | 54,361 |  |  | $ | 0.35 |

Six Months 2011 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 23,874 |  |  |  | 53,956 |  |  | $ | 0.44 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and restricted stock units |  |  | - |  |  |  | 823 |  |  |  |  |
Stock options |  |  | - |  |  |  | 125 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 188 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 23,874 |  |  |  | 55,092 |  |  | $ | 0.43 |

Six Months 2010 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 26,684 |  |  |  | 53,217 |  |  | $ | 0.50 |
Net loss from discontinued operations |  |  | (2,115 | ) |  |  | 53,217 |  |  |  | (0.04 | )
Net income available to common stockholders |  | $ | 24,569 |  |  |  | 53,217 |  |  | $ | 0.46 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock |  |  | - |  |  |  | 44 |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | 726 |  |  |  |  |
Stock options |  |  | - |  |  |  | 121 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 181 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 26,684 |  |  |  | 54,289 |  |  | $ | 0.49 |
Net loss from discontinued operations |  |  | (2,115 | ) |  |  | 54,289 |  |  |  | (0.04 | )
Net income available to common stockholders |  | $ | 24,569 |  |  |  | 54,289 |  |  | $ | 0.45 |