Cincinnati Financial (CINF) 10-Q 2007 Q3 Quarterly report

Exhibit 11

Statements Re: Computation Of Per Share Earnings

	Three months ended September 30,				Nine months ended September 30,
(Dollars in millions except per share data)	2007		2006		2007		2006
Numerator:
Net income—basic and diluted	$	124	$	115	$	669	$	800
Denominator:
Weighted-average common shares outstanding		171,068,956		173,224,254		171,804,376		173,555,925
Effect of stock options and nonvested shares		1,330,583		2,035,809		1,618,823		1,986,691
Adjusted weighted-average shares		172,399,539		175,260,063		173,423,199		175,542,616
Earnings per share:
Basic	$	0.72	$	0.67	$	3.89	$	4.61
Diluted		0.72		0.66		3.86		4.56

Anti-Dilutive Securities

Certain option shares were not included in the computation of diluted earnings per share, since inclusion of these option shares would have anti-dilutive effects.

	Three months ended September 30,				Nine months ended September 30,
	2007		2006		2007		2006
Number of anti-dilutive option shares		2,502,959		1,343,850		1,874,979		2,777,770
Exercise price range of anti-dilutive option shares	$	41.62 - 45.26	$	45.26	$	44.79 - 45.26	$	41.62 - 45.26

Cincinnati Financial Corporation

Form 10-Q for the quarterly period ended September 30, 2007