Exhibit 11
The Allstate Corporation and Subsidiaries
Computation of Earnings Per Common Share
(In millions, except for per share data) Twelve Months Ended December 31,
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1997 1996 1995
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Net Income $3,105 $2,075 $1,904
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Basic earnings per common share computation:
Weighted average number of common shares (1) 434.0 445.4 448.5
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Net income per share - basic $7.15 $4.66 $4.25
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Diluted earnings per common share computation:
Weighted average number of common shares (1) 434.0 445.4 448.5
Assumed exercise of dilutive stock options 2.5 2.8 1.0
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Adjusted weighted number of common shares outstanding 436.5 48.2 449.5
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Net income per share - diluted $7.11 $4.63 $4.24
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<FN>
(1) Common shares held as treasury shares were 25 million, 8 million, and 3 million, at December 31, 1997, 1996
and 1995, respectively.
</FN>
E-6