128 LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS Year Ended December 31 1993 1992 1991 (Restated) (Restated) PRIMARY Average shares outstanding (assuming conversion of Series A, E and F Preferred Stock) -------------------- 102,307,356 92,977,312 90,658,726 Net effect of dilutive stock options (based on the treasury stock method using average market price) -- 777,468 506,356 168,350 Total shares outstanding ------- 103,084,824 93,483,668 90,827,076 FULLY DILUTED Average shares outstanding (assuming conversion of Series A, E and F Preferred Stock) --------------------- 102,307,356 92,977,312 90,658,726 Net effect of dilutive stock options (based on the treasury stock method using the year-end market price, if higher than average market price) - 876,936 833,948 480,914 Total shares outstanding ------- 103,184,292 93,811,260 91,139,640 DOLLAR INFORMATION (000's Omitted) Income before cumulative effect of accounting change ------------------ 415,283 359,171 201,960 Cumulative effect of accounting change -- (96,431) -- -- Net Income ---------------------- 318,852 359,171 201,960 PER SHARE INFORMATION Primary: Income before cumulative effect of accounting change -------- $4.03 $3.84 $2.22 Cumulative effect of accounting change ------------------ (.94) -- -- Net Income --------------------- $3.09 $3.84 $2.22 Fully Diluted: Income before cumulative effect of accounting change -------- $4.03 $3.83 $2.22 Cumulative effect of accounting change ------------------ (.94) -- -- Net Income --------------------- $3.09 $3.83 $2.22 <FN> Notes: 1. Earnings per share are computed based on the average number of common shares outstanding during each year after assuming conversion of the Series A, E and F Preferred Stock. 2. LNC did not include the dilutive impact of the stock option program in the computation of the earnings per share information appearing in the consolidated financial statements since it was immaterial. </FN>