EXHIBIT 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings (Loss) Per Common Share
(In thousands, except per share amounts)
Twelve Months Ended
December 31,
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1993 1992 1991
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PRIMARY
Earnings (loss):
Net income (loss), as reported $427,609 (156,038) 405,062
Preferred dividends declared (net of taxes) (8,395) (8,349) (8,037)
Tax benefit on common stock
dividends paid to ESOP - - 1,998
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Net income (loss), as adjusted $419,214 (164,387) 399,023
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Shares:
Weighted average number of common shares
outstanding 42,209 42,360 42,413
Additional dilutive effect of:
Outstanding stock options (based on
treasury stock method using
average market price) 402 - 281
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Weighted average, as adjusted 42,611 42,360 42,694
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FULLY DILUTED
Earnings (loss):
Net income (loss), as reported $427,609 (156,038) 405,062
Additional PSOP expense (net of taxes)
due to assumed conversion of
preferred stock (4,080) - (4,472)
Tax benefit on common stock dividends
paid to ESOP and PSOP - - 3,834
Preferred dividends declared (net of taxes) - (8,349) -
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Net income (loss), as adjusted $423,529 (164,387) 404,424
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Shares:
Weighted average number of common shares
outstanding 42,209 42,360 42,413
Additional dilutive effect of:
Convertible preferred stock 2,053 - 2,078
Outstanding stock options (based on
treasury stock method using market price
at end of period) 473 - 400
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Weighted average, as adjusted 44,735 42,360 44,891
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EARNINGS (LOSS) PER COMMON SHARE:
Primary $ 9.84 (3.88) 9.35
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Fully diluted $ 9.47 (3.88) 9.01
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