EXHIBIT 11
Aon Corporation and Subsidiaries
CONSOLIDATED NET INCOME PER SHARE COMPUTATION
(millions except per share data)
Third Quarter Ended Nine Months Ended
-------------------- --------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1997 1996 1997 1996
--------- --------- --------- ---------
EARNINGS PER SHARE (1)
Net income ........................................... $ 101.0 $ 83.8 $ 185.9 $ 289.0
Preferred stock dividends ............................ 3.4 5.0 10.1 15.2
--------- --------- --------- ---------
Net income available for common stockholders ........ $ 97.6 $ 78.8 $ 175.8 $ 273.8
========= ========= ========= =========
Average common shares issued ......................... 171.5 167.3 171.5 167.3
Net effect of treasury stock activity and dilutive stock
compensation plans based on the treasury stock method (0.7) (3.2) (1.5) (2.7)
--------- --------- --------- ---------
Average common and common equivalent shares
outstanding ..................................... 170.8 164.1 170.0 164.6
--------- --------- --------- ---------
Net income per share ................................... $ 0.57 $ 0.48 $ 1.03 $ 1.66
========= ========= ========= =========
<FN>
(1) Adjusted to reflect the three-for-two stock split on May 14, 1997
</FN>