Exhibit 11 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Computation of Earnings Per Share Three Months Ended Six Months Ended June 30 June 30 ------------------- ---------------- 1999 1998 1999 1998 ------ ------ ------ ------ (In millions, except per share data) EARNINGS Basic: Net income (loss), as reported $204 $(274) $369 $(79) Dividends on preferred stock, net of taxes (2) (2) (4) (4) Premium on preferred shares redeemed (1) (1) (2) (2) ----- ----- ----- ----- Net income (loss) available to common shareholders $201 $(277) $363 $(85) ===== ===== ===== ===== Diluted: Net income (loss) available to common shareholders $201 $(277) $363 $(85) Effect of dilutive securities: Convertible preferred stock 2 - 3 - Convertible monthly income preferred securities 2 - 4 - Zero coupon convertible notes 1 - 2 - ----- ----- ----- ----- Net income (loss) available to common shareholders $206 $(277) $372 $(85) ===== ===== ===== ===== COMMON SHARES Basic: Weighted average common shares outstanding 226 235 228 235 ===== ===== ===== ===== Diluted: Weighted average common shares outstanding 226 235 228 235 Effect of dilutive securities: Stock options 2 - 2 - Convertible preferred stock 7 - 7 - Convertible monthly income preferred securities 7 - 7 - Zero coupon convertible notes 3 - 3 - ----- ----- ----- ----- Total 245 235 247 235 ===== ===== ===== ===== EARNINGS (LOSS) PER SHARE Basic $0.89 ($1.18) $1.59 ($0.36) ====== ====== ====== ====== Diluted $0.84 ($1.18) $1.50 ($0.36) ====== ====== ====== ======