Exhibit 11
Statements Re: Computation Of Per Share Earnings
(Dollars in millions except share data) | Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Numerator: | ||||||||||||||||
Net income—basic and diluted | $ | 132 | $ | 158 | $ | 684 | $ | 302 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding | 173,275,927 | 175,226,612 | 173,724,517 | 175,389,421 | ||||||||||||
Effect of stock options | 1,746,440 | 1,870,881 | 1,890,500 | 2,061,945 | ||||||||||||
Adjusted weighted-average shares | 175,022,367 | 177,097,493 | 175,615,017 | 177,451,366 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.77 | $ | 0.90 | $ | 3.94 | $ | 1.72 | ||||||||
Diluted | $ | 0.76 | $ | 0.89 | $ | 3.90 | $ | 1.70 | ||||||||
Anti-Dilutive Securities
Certain option shares were not included in the computation of diluted earnings per share for the three-and six month periods ended June 30, 2006, since inclusion of these option shares would have anti-dilutive effects.
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Number of anti-dilutive option shares | 2,800,589 | 1,755,212 | 2,800,589 | 1,490,608 | ||||||||||||
Exercise price | $ | 41.62-45.26 | $ | 41.14-41.62 | $ | 41.62-45.26 | $ | 41.62 | ||||||||
Cincinnati Financial Corporation
Form 10-Q for the quarter ended June 30, 2006
Form 10-Q for the quarter ended June 30, 2006
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