Exhibit 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands) Three Months Ended
March 31
------------------
1996 1995
EARNINGS: ------ ------
Primary:
Net income, as reported $128,821 110,596
PSOP preferred dividends
declared (net of taxes) (2,165) (2,146)
Premium on preferred shares redeemed (208) -
------- -------
Net income, as adjusted $126,448 108,450
======= =======
Fully diluted:
Net income, as reported $128,821 110,596
Dividends on monthly income preferred
securities (net of taxes) 2,018 -
Additional PSOP expense (net of taxes) due to
assumed conversion of preferred stock (758) (874)
Premium on preferred shares redeemed (208) -
------- -------
Net income, as adjusted $129,873 109,722
======= =======
SHARES:
Primary:
Weighted average number of common shares
outstanding, per consolidated
financial statements 83,977 84,264
Additional dilutive effect of outstanding stock
options (based on treasury stock method using
average market price) 1,173 927
------- -------
Weighted average, as adjusted 85,150 85,191
======= =======
Fully diluted:
Weighted average number of common shares
outstanding, per consolidated
financial statements 83,977 84,264
Additional dilutive effect of:
Assumed conversion of PSOP preferred stock 3,990 4,045
Assumed conversion of monthly income
preferred securities 3,509 -
Outstanding stock options (based on treasury
stock method using market price at end of
period) 1,120 1,012
------- -------
Weighted average, as adjusted 92,596 89,321
======= =======
EARNINGS PER COMMON SHARE:
Primary $1.49 1.27
Fully diluted $1.40 1.23