Exhibit 11 Aon CORPORATION AND SUBSIDIARIES CONSOLIDATED NET INCOME PER SHARE COMPUTATION (millions except per share data) Second Quarter Ended Six Months Ended -------------------- --------------------- June 30, June 30, June 30, June 30, 1995 1994 1995 1994 -------- -------- -------- -------- EARNINGS PER SHARE Net income....................... $ 98.7 $ 88.2 $ 209.9 $ 187.3 Preferred stock dividends........ 6.8 6.8 13.6 13.2 ------- ------- ------- ------- NET INCOME LESS PREFERRED STOCK DIVIDENDS........... $ 91.9 $ 81.4 $ 196.3 $ 174.1 ======= ======= ======= ======= Average common shares issued..... 110.6 106.2 110.6 106.2 Net effect of treasury stock activity....................... (2.8) (4.6) (2.6) (4.5) Weighted average effect of Series B preferred stock....... - 3.0 - 3.4 Net effect of dilutive stock compensation plans based on the treasury stock method.......... 0.6 0.7 0.6 0.7 ------- ------- ------- ------- Average common and common equivalent shares outstanding.............. 108.4 105.3 108.6 105.8 ======= ======= ======= ======= NET INCOME PER SHARE (1)........... $ 0.85 $ 0.77 $ 1.81 $ 1.65 ======= ======= ======= ======= (1) Primary and fully diluted net income per share are materially the same. -20-