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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1995 1994
EARNINGS: ------ ------
Primary:
Net income, as reported $110,596 64,437
Preferred dividends declared (net of taxes) (2,146) (2,109)
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Net income, as adjusted $108,450 62,328
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Fully diluted:
Net income, as reported $110,596 64,437
Additional PSOP expense (net of taxes) due to
assumed conversion of preferred stock (874) (950)
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Net income, as adjusted $109,722 63,487
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SHARES:
Primary:
Weighted average number of common shares
outstanding, per financial statements 84,264 84,521
Additional dilutive effect of outstanding stock
options (based on treasury stock method using
average market price) 927 496
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Weighted average, as adjusted 85,191 85,017
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Fully diluted:
Weighted average number of common shares
outstanding, per financial statements 84,264 84,521
Additional dilutive effect of:
Convertible preferred stock 4,045 4,088
Outstanding stock options (based on treasury
stock method using market price at end of
period) 1,012 515
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Weighted average, as adjusted 89,321 89,124
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EARNINGS PER COMMON SHARE:
Primary $1.27 0.73
Fully diluted $1.23 0.71