EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(000's omitted except per share amounts)
2001 2000 1999
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Basic Earnings per share:
Net income $ 193 $ 118 $ 255
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Average shares outstanding 161 161 165
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Net income per common share $ 1.20 $ .74 $ 1.55
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Diluted earnings per share:
Net income $ 193 $ 118 $ 255
Interest on convertible debentures--net of tax 1 1 1
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Net income for per share calculation (diluted) $ 194 $ 119 $ 256
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Average shares outstanding 161 161 165
Effective of dilutive securities:
5.5% convertible senior debentures 1 2 2
Stock options 0 1 2
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Total diluted shares 162 164 169
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Net income per common share--diluted $ $ $
1.19 .73 1.52
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