Exhibit 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands) Three Months Ended
March 31
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1994 1993
EARNINGS: ------ ------
Primary:
Net income, as reported $64,437 88,031
Preferred dividends declared (net of taxes) (2,109) (2,102)
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Net income, as adjusted $62,328 85,929
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Fully diluted:
Net income, as reported $64,437 88,031
Additional PSOP expense (net of taxes) due to
assumed conversion of preferred stock (950) (1,038)
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Net income, as adjusted $63,487 86,993
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SHARES*:
Primary:
Weighted average number of common shares
outstanding, per financial statements 84,521 84,176
Additional dilutive effect of outstanding stock
options (based on treasury stock method using
average market price) 496 707
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Weighted average, as adjusted 85,017 84,883
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Fully diluted:
Weighted average number of common shares
outstanding, per financial statements 84,521 84,176
Additional dilutive effect of:
Convertible preferred stock 4,088 4,126
Outstanding stock options (based on treasury
stock method using market price at end of
period) 515 730
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Weighted average, as adjusted 89,124 89,032
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EARNINGS PER COMMON SHARE*:
Primary $0.73 1.01
Fully diluted $0.71 0.98
*As adjusted for 1994 2-for-1 stock split.