EXHIBIT 11 Aon Corporation and Subsidiaries CONSOLIDATED NET INCOME PER SHARE COMPUTATION (millions except per share data) First Quarter Ended ---------------------- March 31, March 31, 1996 1995 --------- --------- EARNINGS PER SHARE Net income............................................. $118.9 $111.2 Preferred stock dividends.............................. 5.1 6.8 ------ ------ Net income less preferred stock dividends............ $113.8 $104.4 ====== ====== Average common shares issued........................... 111.4 110.6 Net effect of treasury stock activity.................. (3.1) (2.4) Net effect of dilutive stock compensation plans based on the treasury stock method........................ 1.4 0.5 ------ ------ Average common and common equivalent shares outstanding...................................... 109.7 108.7 ====== ====== Net income per share ....................................... $ 1.04 $ 0.96 ====== ====== 19