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 |