Exhibit 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings Per Share
Three Months Ended Nine Months Ended
September 30 September 30
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2000 1999 2000 1999
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(In millions except per share data)
EARNINGS
Basic:
Net income, as reported $231 $327 $800 $696
Dividends on preferred
stock, net of taxes (2) (2) (6) (6)
Premium on preferred shares redeemed (3) (1) (9) (3)
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Net income available to
common shareholders $226 $324 $785 $687
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Diluted:
Net income available to
common shareholders $226 $324 $785 $687
Effect of dilutive securities:
Convertible preferred stock 2 2 5 5
Convertible monthly
income preferred securities 1 2 5 6
Zero coupon convertible notes 1 1 2 2
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Net income available to
common shareholders $230 $329 $797 $700
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COMMON SHARES
Basic:
Weighted average common
shares outstanding 217 227 216 228
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Diluted:
Weighted average common
shares outstanding 217 227 216 228
Effect of dilutive securities:
Stock options 4 2 2 2
Convertible preferred stock 6 7 7 7
Convertible monthly
income preferred securities 3 7 6 7
Zero coupon convertible notes 2 2 2 2
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Total 232 245 233 246
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EARNINGS PER SHARE
Basic $1.04 $1.43 $3.63 $3.01
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Diluted $0.98 $1.34 $3.42 $2.84
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