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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1998 1997
EARNINGS: ------ ------
Basic:
Net income, as reported $154,000 124,549
PSOP preferred dividends
declared (net of taxes) (2,149) (2,185)
Premium on preferred shares redeemed (844) (260)
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Net income, as adjusted $151,007 122,104
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Diluted:
Net income, as reported $154,000 124,549
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 (576) (670)
Premium on preferred shares redeemed (844) (260)
------- -------
Net income, as adjusted $154,598 125,637
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SHARES:
Basic:
Weighted average number of common
shares outstanding, per consolidated
financial statements 167,746 166,738
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Diluted:
Weighted average number of common shares
outstanding, per consolidated
financial statements 167,746 166,738
Additional dilutive effect of:
Assumed conversion of PSOP preferred stock 7,634 7,868
Assumed conversion of monthly income
preferred securities 7,018 7,018
Outstanding stock options (based on treasury
stock method using average market price
during period) 2,786 2,272
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Weighted average, as adjusted 185,184 183,896
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EARNINGS PER COMMON SHARE:
Basic $0.90 0.73
Diluted $0.83 0.68