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, 2001
|                                           |                                 |                                       
|Net loss applicable to common shareholders |                                 | $                                      | (7,328,797 | )             |  |           |  |           |  |  |   |      
|                                           |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|Basic EPS                                  |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Loss applicable to shareholders |                                        |            |               |  |           |  | 8,512,178 |  |  | $ | (0.86 | )
|                                           |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|Effect of Dilutive Securities              |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Options                         |                                        |            |               |  |           |  | 660       |  |  |   |       |  
|                                           |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|Diluted EPS                                |                                 |                                        |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Loss applicable to shareholders |                                        |            |               |  |           |  | 8,512,838 |  |  | $ | (0.86 | )
|                                           |                                 |                                        |            |               |  |           |  |           |  |  |   |      

|                                             |                                   |                                        |           |  |  |  |  |           |  |  |   |      | 
|-------------------------------------------- | --------------------------------- | -------------------------------------- | --------- |  |  |  |  | --------- |  |  | - | ---- | 
|                                             |                                   |                                       
|                                             |                                   | 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 | 
|                                             |                                   |                                        |           |  |  |  |  |           |  |  |   |     



---



Exhibit 11

MEADOWBROOK INSURANCE GROUP, INC. AND SUBSIDIARIES



COMPUTATION OF PER SHARE EARNINGS


|                                           |                                 |                                     |            |               |  |           |  |           |  |  |   |       |  
|------------------------------------------ | ------------------------------- | ----------------------------------- | ---------- | ------------- |  | --------- |  | --------- |  |  | - | ----- | -
|                                           |                                 | Income                              |            | Shares        |  | Per Share
|                                           |                                 | (Numerator)                         |            | (Denominator) |  | Amount   
|                                           |                                 |                                     |            |               |  |          
|                                           |                                 |                                    
|                                           |                                 | For the Quarter Ended June 30, 2001
|                                           |                                 |                                    
|Net loss applicable to common shareholders |                                 | $                                   | (7,482,171 | )             |  |           |  |           |  |  |   |      
|                                           |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|Basic EPS                                  |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Loss applicable to shareholders |                                     |            |               |  |           |  | 8,512,194 |  |  | $ | (0.88 | )
|                                           |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|Effect of Dilutive Securities              |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Options                         |                                     |            |               |  |           |  |          |  |  |   |       |  
|                                           |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|Diluted EPS                                |                                 |                                     |            |               |  |           |  |           |  |  |   |      
|                                          
|                                          
|                                          
|                                          
|                                           | Loss applicable to shareholders |                                     |            |               |  |           |  | 8,512,194 |  |  | $ | (0.88 | )
|                                           |                                 |                                     |            |               |  |           |  |           |  |  |   |      

|                                             |                                   |                                     |         |  |  |  |  |           |  |  |   |      | 
|-------------------------------------------- | --------------------------------- | ----------------------------------- | ------- |  |  |  |  | --------- |  |  | - | ---- | 
|                                             |                                   |                                    
|                                             |                                   | For the Quarter Ended June 30, 2000
|                                             |                                   |                                    
|Net income applicable to common shareholders |                                   | $                                   | 914,173 |  |  |  |  |           |  |  |   |     
|                                             |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|Basic EPS                                    |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|                                            
|                                            
|                                            
|                                            
|                                             | Income applicable to shareholders |                                     |         |  |  |  |  | 8,511,633 |  |  | $ | 0.11 | 
|                                             |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|Effect of Dilutive Securities                |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|                                            
|                                            
|                                            
|                                            
|                                             | Options                           |                                     |         |  |  |  |  |          |  |  |   |      | 
|                                             |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|Diluted EPS                                  |                                   |                                     |         |  |  |  |  |           |  |  |   |     
|                                            
|                                            
|                                            
|                                            
|                                             | Income applicable to shareholders |                                     |         |  |  |  |  | 8,511,633 |  |  | $ | 0.11 | 
|                                             |                                   |                                     |         |  |  |  |  |           |  |  |   |