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EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(000's omitted except per share amounts)
1999 1998 1997
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Basic Earnings per share:
Net income $ 254,722 $ 241,567 $ 299,375
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Average shares outstanding 164,637 166,821 165,538
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Net income per common share $ 1.55 $ 1.45 $ 1.81
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Diluted earnings per share:
Net income $ 254,722 $ 241,567 $ 299,375
Interest on convertible debentures--net of tax 1,539 1,918 2,712
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Net income for per share calculation (diluted) $ 256,261 $ 243,485 $ 302,087
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Average shares outstanding 164,637 166,821 165,538
Effective of dilutive securities:
5.5% convertible senior debentures 2,471 3,490 3,928
Stock options 1,507 1,767 1,329
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Total dilutive shares 168,615 172,078 170,795
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Net income per common share--diluted $ 1.52 $ 1.41 $ 1.77
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Per share amounts reflect the effects of a three-for-one stock split effective
to shareholders of record on April 24, 1998.
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