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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1995 1994 1995 1994
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EARNINGS:
Primary:
Net income, as reported $142,399 129,808 365,962 322,007
PSOP preferred dividends
declared (net of taxes) (2,159) (2,129) (6,444) (6,343)
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Net income, as adjusted $140,240 127,679 359,518 315,664
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Fully diluted:
Net income, as reported $142,399 129,808 365,962 322,007
Additional PSOP expense (net
of taxes) due to assumed
conversion of preferred
stock (867) (944) (2,612) (2,841)
Dividend on monthly income
preferred securities (net of
taxes) 2,018 - 3,027 -
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Net income, as adjusted $143,550 128,864 366,377 319,166
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SHARES:
Primary:
Weighted average number of
common shares outstanding, per
consolidated financial
statements 84,559 84,042 84,413 84,195
Additional dilutive effect of
outstanding stock options (based
on treasury stock method using
average market price) 1,007 654 960 621
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Weighted average, as adjusted 85,566 84,696 85,373 84,816
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Fully diluted:
Weighted average number of
common shares outstanding, per
consolidated financial
statements 84,559 84,042 84,413 84,195
Additional dilutive effect of:
Convertible preferred stock 4,022 4,068 4,034 4,078
Monthly income preferred securities 3,509 - 1,774 -
Outstanding stock options (based
on treasury stock method using
market price at end of period) 1,324 586 1,349 599
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Weighted average, as adjusted 93,414 88,696 91,570 88,872
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EARNINGS PER COMMON SHARE:
Primary $1.64 1.51 4.21 3.72
Fully diluted $1.54 1.45 4.00 3.59