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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1997 1996 1997 1996
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EARNINGS:
Primary:
Net income, as reported $230,524 130,053 355,073 258,874
PSOP preferred dividends declared
(net of taxes) (2,168) (2,159) (4,353) (4,324)
Premium on preferred
shares redeemed (651) (232) (911) (440)
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Net income, as adjusted $227,705 127,662 349,809 254,110
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Fully diluted:
Net income, as reported $230,524 130,053 355,073 258,874
Dividends on monthly income
preferred securities
(net of taxes) 2,019 2,019 4,037 4,037
Additional PSOP expense (net of
taxes) due to assumed conversion
of preferred stock (666) (755) (1,336) (1,513)
Premium on preferred
shares redeemed (651) (232) (911) (440)
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Net income, as adjusted $231,226 131,085 356,863 260,958
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SHARES:
Primary:
Weighted average number of common
shares outstanding, per
consolidated financial
statements 83,607 83,522 83,489 83,749
Additional dilutive effect of
assumed exercise of outstanding
stock options (based on treasury
stock method using average
market price) 1,242 988 1,190 1,089
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Weighted average, as adjusted 84,849 84,510 84,679 84,838
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Fully diluted:
Weighted average number of common
shares outstanding, per
consolidated financial
statements 83,607 83,522 83,489 83,749
Additional dilutive effect of:
Assumed conversion of
PSOP preferred stock 3,915 3,977 3,924 3,984
Assumed conversion of monthly
income preferred securities 3,509 3,509 3,509 3,509
Assumed exercise of outstanding
stock options (based on treasury
stock method using market
price at end of period) 1,394 1,003 1,423 1,016
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Weighted average, as adjusted 92,425 92,011 92,345 92,258
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EARNINGS PER COMMON SHARE:
Primary $2.68 1.51 4.13 3.00
Fully diluted $2.50 1.42 3.86 2.83