1
EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(000's omitted except per share amounts)
2000 1999 1998
---- ---- ----
Basic Earnings per share:
Net income $ 118,365 $ 254,722 $ 241,567
============ =========== ============
Average shares outstanding 160,611 164,637 166,821
============ =========== ============
Net income per common share $ .74 $ 1.55 $ 1.45
============ =========== ============
Diluted earnings per share:
Net income $ 118,365 $ 254,722 $ 241,567
Interest on convertible debentures--net of tax 1,206 1,539 1,918
------------ ----------- ------------
Net income for per share calculation (diluted) $ 119,571 $ 256,261 $ 243,485
============ =========== ============
Average shares outstanding 160,611 164,637 166,821
Effective of dilutive securities:
5.5% convertible senior debentures 1,990 2,471 3,490
Stock options 1,320 1,507 1,767
------------ ----------- ------------
Total diluted shares 163,921 168,615 172,078
============ =========== ============
Net income per common share--diluted $ .73 $ 1.52 $ 1.41
============ =========== ============