Exhibit 11

THE PROGRESSIVE CORPORATION

COMPUTATION OF EARNINGS PER SHARE

(millions - except per share amounts)

	Years Ended December 31,
	2011		2010		2009
Net Income	$	1,015.5	$	1,068.3	$	1,057.5
Computation of Net Income Per Share
Average shares outstanding - Basic		632.3		657.9		666.8
Net effect of dilutive stock-based compensation		4.6		5.4		5.4
Total equivalent shares - Diluted		636.9		663.3		672.2
Basic: Net income per share	$	1.61	$	1.62	$	1.59
Diluted: Net income per share	$	1.59	$	1.61	$	1.57