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