Exhibit 11
Statement Recomputation of Per Share Earnings
(Dollars in millions except share data) | Nine months ended September 30, | Three months ended September 30, | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||||
Numerator: | ||||||||||||||||||
Net income – basic and diluted | $ | 245 | $ | 182 | $ | 104 | $ | 72 | ||||||||||
Denominator: | ||||||||||||||||||
Weighted-average shares outstanding | 160,742,300 | 163,491,420 | 160,432,538 | 163,222,154 | ||||||||||||||
Effect of stock options | 983,904 | 1,520,388 | 1,456,317 | 1,256,770 | ||||||||||||||
Adjusted weighted-average shares | 161,726,204 | 165,011,808 | 161,888,855 | 164,478,924 | ||||||||||||||
Earnings per share: | ||||||||||||||||||
Basic | $ | 1.52 | $ | 1.12 | $ | 0.65 | $ | 0.44 | ||||||||||
Diluted | $ | 1.51 | $ | 1.11 | $ | 0.64 | $ | 0.44 | ||||||||||
Anti-Dilutive Securities
Shares were not included in the computation of diluted earnings per share for either the nine-month or three-month periods ended September 30, 2003 and 2002, since inclusion of these options would have anti-dilutive effects, as the options exercise prices exceeded the respective average market prices of the company’s shares.
(Dollars in millions except share data) | Nine months ended September 30, | Three months ended September 30, | ||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
Number of options | 2,028,071 | 631,475 | 919,217 | 935,992 | ||||||||||||
Exercise price range | $37.66to$45.37 | $41.47to$45.37 | $39.88to$45.37 | $39.88to$45.37 | ||||||||||||
Cincinnati Financial Corporation | 29 | |||
Form 10-Q for the Quarter Ended September 30, 2003 |