JEFFERSON-PILOT CORPORATION
BASIS FOR COMPUTATION OF PER SHARE EARNINGS
Five Years Ended December 31, 1993
EXHIBIT 11
1993 1992 1991 1990 1989
Shares Outstanding
beginning of year 50,438,907 51,291,936 51,784,614 56,053,722 57,821,898
Add: Shares issued
under stock
option plan:
January 7,698 7,500 - 15 -
February 7,086 10,165 18,714 3,841 -
March 11,028 1,583 3,460 396 -
April 26,211 1,445 525 109 -
May 11,413 5,118 148,950 199,500 -
June 15,825 4,425 81 3,638 -
July 9,099 805 500 779 -
August 5,540 4,226 - 3,372 -
September 3,186 1 4,029 7,617 2,280
October 2,286 1,962 2,024 35 -
November 2,266 11,586 7,950 - -
December 7,884 29,365 - 150 624
Less: Shares
reacquired:
January - ( 448) ( 340,412) ( 174,300) ( 76,506)
February ( 1,650) - ( 3,306) ( 218,100) ( 870,150)
March ( 4,760) - - ( 539,400) ( 52,350)
April ( 9,913) ( 2,192) ( 306,900) ( 1,011,675) ( 101,349)
May ( 11,032) ( 129,924) ( 10,635) ( 340,806) ( 12,293)
June ( 183,415) ( 140,500) ( 11,550) ( 367,716) ( 307,668)
July - - - ( 57,900) -
August - ( 93,493) - ( 329,556) -
September ( 1,091) ( 309,400) ( 1,026) ( 454,157) ( 1,264)
October - ( 207,000) ( 484) ( 639,150) -
November ( 676,100) ( 42,112) ( 4,598) ( 355,800) ( 274,050)
December ( 195,973) 6,141) - - ( 75,450)
Shares Outstanding
end of year 49,464,495 50,438,907 51,291,936 51,784,614 56,053,722
========== ========== ========== ========== ==========
Average of 12 month -
end balances - used to
determine E.P.S. 50,251,676 50,952,147 51,319,143 53,636,223 56,588,878
========== ========== ========== ========== ==========
Notes:
All of the above share amounts have been adjusted to give retroactive effect
to a three-for-two common stock split authorized by the Company's Board of
Directors on February 10, 1992, paid on April 15, 1992, to stockholders of
record on March 27, 1992.
Options granted under the Company's stock option plan do not have a materially
dilutive effect since the options were less than three percent (3%) of average
shares outstanding before any reduction to an incremental share basis under
the treasury stock method.
F-27