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THE CHUBB CORPORATION
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS)
YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
1993 1992 1991
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Net income......................................... $324,217 $617,099 $551,984
After-tax interest expense:
6% guaranteed exchangeable subordinated notes. 9,750 9,900 6,188
5 1/2% convertible subordinated notes......... -- -- 1,636
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Net income for computing earnings per share........ $333,967 $626,999 $559,808
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Average number of common shares outstanding........ 87,642 87,187 85,786
Additional shares from assumed conversion of:
6% guaranteed exchangeable subordinated notes
as if each $1,000 of principal amount had
been converted at issuance into 11.628
shares of common stock...................... 2,907 2,907 1,817
5 1/2% convertible subordinated notes as if
each $1,000 of principal amount had been
converted at issuance into 23.446 shares of
common stock................................ -- -- 1,035
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Average number of common and common equivalent
shares assumed outstanding for computing earnings
per share........................................ 90,549 90,094 88,638
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Net income per share............................... $ 3.69 $ 6.96 $ 6.32