Exhibit 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands) Three Months Ended Six Months Ended
June 30 June 30
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1994 1993 1994 1993
EARNINGS: ----- ----- ----- -----
Primary:
Net income, as reported $127,762 108,497 192,199 196,528
Preferred dividends declared (net of taxes) (2,105) (2,094) (4,214) (4,196)
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Net income, as adjusted $125,657 106,403 187,985 192,332
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Fully diluted:
Net income, as reported $127,762 108,497 192,199 196,528
Additional PSOP expense (net of taxes) due to
assumed conversion of preferred stock (947) (1,036) (1,897) (2,074)
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Net income, as adjusted $126,815 107,461 190,302 194,454
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SHARES:
Primary:
Weighted average number of common shares
outstanding, per financial statements 84,026 84,322 84,273 84,249
Additional dilutive effect of outstanding stock
options (based on treasury stock method using
average market price) 535 703 515 705
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Weighted average, as adjusted 84,561 85,025 84,788 84,954
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Fully diluted:
Weighted average number of common shares
outstanding, per financial statements 84,026 84,322 84,273 84,249
Additional dilutive effect of:
Convertible preferred stock 4,079 4,107 4,084 4,116
Outstanding stock options (based on treasury
stock method using market price at end of
period) 573 677 578 702
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Weighted average, as adjusted 88,678 89,106 88,935 89,067
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EARNINGS PER COMMON SHARE:
Primary $1.49 1.25 2.22 2.26
Fully diluted $1.43 1.21 2.14 2.18