EXHIBIT 11 Aon Corporation and Subsidiaries CONSOLIDATED NET INCOME PER SHARE COMPUTATION First Quarter Ended --------------------------- (millions except per share data) March 31, March 31, 1997 1996 ------------ ------------ EARNINGS PER SHARE (1) Net income .................................................. $ 0.7 $ 118.9 Preferred stock dividends ................................... 3.4 5.1 ============ ============ NET INCOME AVAILABLE FOR COMMON STOCKHOLDERS............... $ (2.7) $ 113.8 ============ ============ Average common shares issued ................................ 171.2 167.1 Net effect of treasury stock activity and dilutive stock compensation plans based on the treasury stock method ... (2.0) (2.5) ------------ ------------ Average common and common equivalent shares outstanding............................................ 169.2 164.6 ============ ============ NET INCOME (LOSS) PER SHARE ................................... $ (0.02) $ 0.69 ============ ============ <FN> (1) Adjusted to reflect the three-for-two stock split effective May 1, 1997. </FN>