MEADOWBROOK INSURANCE GROUP INC, 10-Q, EX-11, 2000-08-14

Exhibit 11

MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS


		Income			Shares		Per Share
		(Numerator)			(Denominator)		Amount

		For the Six Months Ended June 30, 2000
Net income applicable to common shareholders		$	1,018,772

Basic EPS




	Income applicable to shareholders					8,511,659	$	0.12





Effect of Dilutive Securities
	Options					—




Diluted EPS




	Income applicable to shareholders					8,511,659	$	0.12

		For the Six Months Ended June 30, 1999
Net income before cumulative effect of accounting change applicable to common shareholders		$	194,209

Basic EPS




	Income before cumulative effect of accounting change applicable to common shareholders					8,644,657	$	0.02





Effect of Dilutive Securities
	Options					146,088




Diluted EPS




	Income before cumulative effect of accounting change applicable to common shareholders					8,790,745	$	0.02

Cumulative effect of accounting change		$	(1,706,416	)

Basic EPS




	Cumulative effect of accounting change					8,644,657	$	(0.19	)




Effect of Dilutive Securities
	Options					146,088




Diluted EPS




	Cumulative effect of accounting change					8,790,745	$	(0.19	)

Net loss applicable to common shareholders		$	(1,512,207	)

Basic EPS




	Loss applicable to common shareholders					8,644,657	$	(0.17	)





Effect of Dilutive Securities
	Options					146,088




Diluted EPS




	Loss applicable to common shareholders					8,790,745	$	(0.17	)

MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS


		Income		Shares		Per Share
		(Numerator)		(Denominator)		Amount

		For the Quarter Ended June 30, 2000
Net income applicable to common shareholders		$	914,173

Basic EPS




	Income applicable to shareholders				8,511,663	$	0.11





Effect of Dilutive Securities
	Options				—




Diluted EPS




	Income applicable to shareholders				8,511,663	$	0.11

		For the Quarter Ended June 30, 1999




Net income applicable to common shareholders		$	1,631,975

Basic EPS




	Income applicable to shareholders				8,628,947	$	0.19





Effect of Dilutive Securities
	Options				130,040




Diluted EPS




	Income applicable to shareholders				8,758,987	$	0.19