Exhibit 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands)
Three Months Ended Nine Months Ended
September 30 September 30
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1994 1993 1994 1993
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EARNINGS:
Primary:
Net income, as reported $129,808 141,388 322,007 337,916
Preferred dividends declared
(net of taxes) (2,129) (2,038) (6,343) (6,234)
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Net income, as adjusted $127,679 139,350 315,664 331,682
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Fully diluted:
Net income, as reported $129,808 141,388 322,007 337,916
Additional PSOP expense (net
of taxes) due to assumed
conversion of preferred stock (944) (988) (2,841) (3,062)
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Net income, as adjusted $128,864 140,400 319,166 334,854
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SHARES:
Primary:
Weighted average number of common
shares outstanding, per
consolidated financial
statements 84,042 84,493 84,195 84,332
Additional dilutive effect of
outstanding stock options (based
on treasury stock method using
average market price) 654 849 621 759
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Weighted average, as adjusted 84,696 85,342 84,816 85,091
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Fully diluted:
Weighted average number of common
shares outstanding, per
consolidated financial
statements 84,042 84,493 84,195 84,332
Additional dilutive effect of:
Convertible preferred stock 4,068 4,100 4,078 4,111
Outstanding stock options
(based on treasury stock
method using market price at
end of period) 586 916 599 987
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Weighted average, as adjusted 88,696 89,509 88,872 89,430
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EARNINGS PER COMMON SHARE:
Primary $1.51 1.63 3.72 3.90
Fully diluted $1.45 1.57 3.59 3.74