JEFFERSON-PILOT CORPORATION
BASIS FOR COMPUTATION OF PER SHARE EARNINGS
Five Years Ended December 31, 1994
EXHIBIT 11
1994 1993 1992 1991 1990
Shares Outstanding
beginning of year 49,464,495 50,438,907 51,291,936 51,784,614 56,053,722
Add: Shares issued
under stock
option plan:
January 14,393 7,698 7,500 - 15
February 4,265 7,086 10,165 18,714 3,841
March 4,246 11,028 1,583 3,460 396
April 283,186 26,211 1,445 525 109
May 19,375 11,413 5,118 148,950 199,500
June - 15,825 4,425 81 3,638
July - 9,099 805 500 779
August 244 5,540 4,226 - 3,372
September - 3,186 1 4,029 7,617
October 200 2,286 1,962 2,024 35
November 250 2,266 11,586 7,950 -
December - 7,884 29,365 - 150
Less: Shares
reacquired:
January ( 33,000) - ( 448) ( 340,412) ( 174,300)
February ( 640,440) ( 1,650) - ( 3,306) ( 218,100)
March ( 62,916) ( 4,760) - - ( 539,400)
April ( 23,267) ( 9,913) ( 2,192) ( 306,900) ( 1,011,675)
May ( 519,133) ( 11,032) ( 129,924) ( 10,635) ( 340,806)
June ( 41,000) ( 183,415) ( 140,500) ( 11,550) ( 367,716)
July ( 20,000) - - - ( 57,900)
August - - ( 93,493) - ( 329,556)
September - ( 1,091) ( 309,400) ( 1,026) ( 454,157)
October - - ( 207,000) ( 484) ( 639,150)
November - ( 676,100) ( 42,112) ( 4,598) ( 355,800)
December - ( 195,973) ( 6,141) - -
Shares Outstanding
end of year 48,450,898 49,464,495 50,438,907 51,291,936 51,784,614
========== ========== ========== ========== ==========
Average of 12 month -
end balances - used
to determine E.P.S. 48,641,880 50,251,676 50,952,147 51,319,143 53,636,223
========== ========== ========== ========== ==========
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-42