EX-11 5 l12357aexv11.txt EX-11 COMPUTATION OF EARNINGS . . . Exhibit No. 11 THE PROGRESSIVE CORPORATION COMPUTATION OF EARNINGS PER SHARE (MILLIONS - EXCEPT PER SHARE AMOUNTS)
Years Ended December 31, 2004 2003 2002 ------------------- -------------------- ------------------ Per Per Per Amount Share Amount Share Amount Share --------- ------ --------- ------- -------- ------ BASIC: Net income $ 1,648.7 $ 7.74 $ 1,255.4 $ 5.79 $ 667.3 $ 3.05 ========= ====== ========= ======= ======== ====== Average shares outstanding 212.9 216.8 219.0 ========= ========= ======== DILUTED: Net income $ 1,648.7 $ 7.63 $ 1,255.4 $ 5.69 $ 667.3 $ 2.99 ========= ====== ========= ======= ======== ====== Average shares outstanding 212.9 216.8 219.0 Net effect of dilutive stock-based compensation 3.3 3.7 4.2 --------- --------- -------- Total 216.2 220.5 223.2 ========= ========= ========