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EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED MARCH 31,
(in thousands except for per share amounts)
1994 1993
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Weighted average shares outstanding 50,319 50,010
Equivalent shares assumed to be
outstanding for:
Stock options 270 417
Convertible debentures 1,626 1,626
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Number of shares for primary
computation 52,215 52,053
Other dilutive equivalent shares--
stock options 0 1
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Number of shares assuming full
dilution 52,215 52,054
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Net income before cumulative effect of
change in accounting for income taxes $48,499 $57,238
Interest on convertible debentures--
net of tax 715 716
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$49,214 $57,954
Cumulative effect of change in accounting
for income taxes 0 13,845
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Net income for per share computation $49,214 $71,799
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Earnings per share:
Primary before cumulative effect of
change in accounting for income taxes $ .94 $ 1.12
Cumulative effect of change in accounting
for income taxes 0 .26
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Total Primary $ .94 $ 1.38
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Fully Diluted $ .94 $ 1.38
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10Q/sa