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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1997 1996 1997 1996
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EARNINGS:
Primary:
Net income, as reported $163,404 128,934 518,477 387,808
PSOP preferred dividends declared
(net of taxes) (2,163) (2,179) (6,516) (6,503)
Premium on preferred shares redeemed (1,523) (224) (2,434) (664)
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Net income, as adjusted $159,718 126,531 509,527 380,641
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Fully diluted:
Net income, as reported $163,404 128,934 518,477 387,808
Dividends on monthly income
preferred securities
(net of taxes) 2,018 2,018 6,055 6,055
Additional PSOP expense (net of
taxes) due to assumed
conversion of preferred stock (659) (752) (1,995) (2,265)
Premium on preferred shares redeemed (1,523) (224) (2,434) (664)
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Net income, as adjusted $163,240 129,976 520,103 390,934
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SHARES:
Primary:
Weighted average number of common
shares outstanding, per consolidated
financial statements 83,658 83,286 83,546 83,594
Additional dilutive effect of
assumed exercise of outstanding
stock options (based on treasury
stock method using average
market price) 1,366 968 1,250 1,050
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Weighted average, as adjusted 85,024 84,254 84,796 84,644
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Fully diluted:
Weighted average number of common
shares outstanding, per consolidated
financial statements 83,658 83,286 83,546 83,594
Additional dilutive effect of:
Assumed conversion of
PSOP preferred stock 3,880 3,963 3,909 3,977
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) 1,471 1,082 1,532 1,099
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Weighted average, as adjusted 92,518 91,840 92,496 92,179
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EARNINGS PER COMMON SHARE:
Primary $1.88 1.50 6.01 4.50
Fully diluted $1.76 1.42 5.62 4.24