1
Exhibit 11.1
THE CHUBB CORPORATION
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED MARCH 31
1997 1996
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(in millions)
Net income .......................................... $ 192.1 $ 151.4
After-tax interest expense on 6% guaranteed
exchangeable subordinated notes .................... 2.2 2.4
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Net income for computing earnings per share ......... $ 194.3 $ 153.8
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Weighted average number of common shares
outstanding ........................................ 173.5 174.7
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 23.256 shares
of common stock .................................... 5.3 5.8
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Weighted average number of common and common
equivalent shares assumed outstanding for
computing earnings per share ...................... 178.8 180.5
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Net income per share ................................ $ 1.09 $ .85