EX-11 5 v237974_ex11.htm EXHIBIT 11
Exhibit 11
SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

Third Quarter 2011 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net loss from continuing operations |  | $ | (19,492 | ) |  |  | 54,183 |  |  | $ | (0.36 | )
Net loss from discontinued operations |  |  | (650 | ) |  |  | 54,183 |  |  |  | (0.01 | )
Net loss available to common stockholders |  |  | (20,142 | ) |  |  | 54,183 |  |  | $ | (0.37 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | - |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | - |  |  |  |  |
Stock options |  |  | - |  |  |  | - |  |  |  |  |
Deferred shares |  |  | - |  |  |  | - |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net loss from continuing operations |  | $ | (19,492 | ) |  |  | 54,183 |  |  | $ | (0.36 | )
Net loss from discontinued operations |  |  | (650 | ) |  |  | 54,183 |  |  |  | (0.01 | )
Net loss available to common stockholders |  | $ | (20,142 | ) |  |  | 54,183 |  |  | $ | (0.37 | )

There was no effect of dilutive securities for Third Quarter 2011 since the quarter was in a loss position and the effect of common stock equivalents would be anti-dilutive to our earnings per share calculation.

Third Quarter 2010 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 18,831 |  |  |  | 53,457 |  |  | $ | 0.35 |
Net loss from discontinued operations |  |  | (1,634 | ) |  |  | 53,457 |  |  |  | (0.03 | )
Net income available to common stockholders |  | $ | 17,197 |  |  |  | 53,457 |  |  | $ | 0.32 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and restricted stock units |  |  | - |  |  |  | 831 |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | 7 |  |  |  |  |
Stock options |  |  | - |  |  |  | 93 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 185 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 18,831 |  |  |  | 54,573 |  |  | $ | 0.35 |
Net loss from discontinued operations |  |  | (1,634 | ) |  |  | 54,573 |  |  |  | (0.03 | )
Net income available to common stockholders |  | $ | 17,197 |  |  |  | 54,573 |  |  | $ | 0.32 |

Nine Months 2011 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 4,382 |  |  |  | 54,033 |  |  | $ | 0.08 |
Net loss from discontinued operations |  |  | (650 | ) |  |  | 54,033 |  |  |  | (0.01 | )
Net income available to common stockholders |  | $ | 3,732 |  |  |  | 54,033 |  |  | $ | 0.07 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and restricted stock units |  |  | - |  |  |  | 833 |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | 23 |  |  |  |  |
Stock options |  |  | - |  |  |  | 99 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 184 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 4,382 |  |  |  | 55,172 |  |  | $ | 0.08 |
Net loss from discontinued operations |  |  | (650 | ) |  |  | 55,172 |  |  |  | (0.01 | )
Net income available to common stockholders |  | $ | 3,732 |  |  |  | 55,172 |  |  | $ | 0.07 |

Nine Months 2010 |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share amounts) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS: |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 45,515 |  |  |  | 53,298 |  |  | $ | 0.85 |
Net loss from discontinued operations |  |  | (3,749 | ) |  |  | 53,298 |  |  |  | (0.07 | )
Net income available to common stockholders |  | $ | 41,766 |  |  |  | 53,298 |  |  | $ | 0.78 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and restricted stock units |  |  | - |  |  |  | 791 |  |  |  |  |
Employee stock purchase plan |  |  | - |  |  |  | 8 |  |  |  |  |
Stock options |  |  | - |  |  |  | 111 |  |  |  |  |
Deferred shares |  |  | - |  |  |  | 182 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 45,515 |  |  |  | 54,390 |  |  | $ | 0.84 |
Net loss from discontinued operations |  |  | (3,749 | ) |  |  | 54,390 |  |  |  | (0.07 | )
Net income available to common stockholders |  | $ | 41,766 |  |  |  | 54,390 |  |  | $ | 0.77 |