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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1996 1995 1996 1995
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EARNINGS:
Primary:
Net income, as reported $128,934 142,399 387,808 365,962
PSOP preferred dividends declared
(net of taxes) (2,179) (2,159) (6,503) (6,444)
Premium on preferred shares redeemed (224) - (664) -
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Net income, as adjusted $126,531 140,240 380,641 359,518
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Fully diluted:
Net income, as reported $128,934 142,399 387,808 365,962
Dividends on monthly income
preferred securities
(net of taxes) 2,018 2,018 6,055 3,027
Additional PSOP expense (net of
taxes) due to assumed conversion
of preferred stock (752) (867) (2,265) (2,612)
Premium on preferred shares redeemed (224) - (664) -
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Net income, as adjusted $129,976 143,550 390,934 366,377
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SHARES:
Primary:
Weighted average number of common
shares outstanding, per
consolidated financial statements 83,286 84,559 83,594 84,413
Additional dilutive effect of
assumed exercise of outstanding
stock options (based on treasury
stock method using
average market price) 968 1,007 1,050 960
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Weighted average, as adjusted 84,254 85,566 84,644 85,373
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Fully diluted:
Weighted average number of common
shares outstanding, per consolidated
financial statements 83,286 84,559 83,594 84,413
Additional dilutive effect of:
Assumed conversion of
PSOP preferred stock 3,963 4,022 3,977 4,034
Assumed conversion of monthly
income preferred securities 3,509 3,509 3,509 1,774
Assumed exercise of outstanding
stock options (based on treasury
stock method using market price
at end of period) 1,082 1,324 1,099 1,349
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Weighted average, as adjusted 91,840 93,414 92,179 91,570
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EARNINGS PER COMMON SHARE:
Primary $1.50 1.64 4.50 4.21
Fully diluted $1.42 1.54 4.24 4.00