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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1996 1995 1996 1995
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EARNINGS:
Primary:
Net income, as reported $130,053 112,967 258,874 223,563
PSOP preferred dividends declared
(net of taxes) (2,159) (2,139) (4,324) (4,285)
Premium on preferred shares redeemed (232) - (440) -
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Net income, as adjusted $127,662 110,828 254,110 219,278
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Fully diluted:
Net income, as reported $130,053 112,967 258,874 223,563
Dividends on monthly income
preferred securities
(net of taxes) 2,019 1,009 4,037 1,009
Additional PSOP expense (net of
taxes) due to assumed conversion of
preferred stock (755) (871) (1,513) (1,745)
Premium on preferred shares redeemed (232) - (440) -
-------- -------- -------- --------
Net income, as adjusted $131,085 113,105 260,958 222,827
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SHARES:
Primary:
Weighted average number of common
shares outstanding, per consolidated
financial statements 83,522 84,414 83,749 84,340
Additional dilutive effect of
assumed exercise of outstanding
stock options (based on treasury
stock method using
average market price) 988 948 1,089 937
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Weighted average, as adjusted 84,510 85,362 84,838 85,277
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Fully diluted:
Weighted average number of common
shares outstanding, per consolidated
financial statements 83,522 84,414 83,749 84,340
Additional dilutive effect of:
Assumed conversion of PSOP
preferred stock 3,977 4,034 3,984 4,040
Assumed conversion of monthly
income preferred securities 3,509 1,774 3,509 892
Assumed exercise of outstanding
stock options (based on treasury
stock method using market
price at end of period) 1,003 935 1,016 959
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Weighted average, as adjusted 92,011 91,157 92,258 90,231
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EARNINGS PER COMMON SHARE:
Primary $1.51 1.30 3.00 2.57
Fully diluted $1.42 1.24 2.83 2.47