EXHIBIT 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings per Common Share
(In millions, except per share amounts)
Twelve Months Ended
December 31,
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2000 1999 1998
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EARNINGS:
Basic:
Net income as reported $ 993 $834 $89
Preferred stock dividends, net of taxes (8) (8) (9)
Premium on preferred shares redeemed (11) (4) (3)
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Net income available to
common shareholders 974 822 77
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Diluted:
Net income available to
common shareholders 974 822 77
Effect of dilutive securities:
Convertible preferred stock 6 6 -
Zero coupon convertible notes 3 3 -
Convertible monthly income
preferred securities 5 8 -
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Net income available to
common shareholders $ 988 $ 839 $ 77
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COMMON SHARES:
Basic:
Weighted average common shares outstanding 217 228 235
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Diluted:
Weighted average common shares outstanding 217 228 235
Effect of dilutive securities:
Stock options 3 2 4
Convertible preferred stock 7 7 -
Zero coupon convertible notes 2 2 -
Convertible monthly income
preferred securities 4 7 -
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Weighted average, as adjusted 233 246 239
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EARNINGS PER COMMON SHARE:
Basic $4.50 $3.61 $0.33
Diluted $4.24 $3.41 $0.32
The assumed conversion of preferred stock, zero coupon notes and monthly
income preferred securities were each anti-dilutive to The St. Paul's net
income for the year ended Dec. 31, 1998. As a result, the potentially
dilutive effect of those securities is not considered in the calculation of
EPS amounts.