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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1997 1996
EARNINGS: ------ ------
Primary:
Net income, as reported $124,549 128,821
PSOP preferred dividends
declared (net of taxes) (2,185) (2,165)
Premium on preferred shares redeemed (260) (208)
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Net income, as adjusted $122,104 126,448
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Fully diluted:
Net income, as reported $124,549 128,821
Dividends on monthly income preferred
securities (net of taxes) 2,018 2,018
Additional PSOP expense (net of taxes) due to
assumed conversion of preferred stock (670) (758)
Premium on preferred shares redeemed (260) (208)
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Net income, as adjusted $125,637 129,873
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SHARES:
Primary:
Weighted average number of common shares
outstanding, per consolidated
financial statements 83,369 83,977
Additional dilutive effect of outstanding stock
options (based on treasury stock method using
average market price) 1,136 1,173
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Weighted average, as adjusted 84,505 85,150
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Fully diluted:
Weighted average number of common shares
outstanding, per consolidated
financial statements 83,369 83,977
Additional dilutive effect of:
Assumed conversion of PSOP preferred stock 3,934 3,990
Assumed conversion of monthly income
preferred securities 3,509 3,509
Outstanding stock options (based on treasury
stock method using market price at end of
period) 1,136 1,120
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Weighted average, as adjusted 91,948 92,596
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EARNINGS PER COMMON SHARE:
Primary $1.44 1.49
Fully diluted $1.37 1.40