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EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(in thousands execpt for per share amounts)
Nine Months Ended Three Months Ended
September 30, September 30
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1994 1993 1994 1993
---- ---- ---- ----
Weighted average shares outstanding 50,348 50,092 50,375 50,161
Equivalent shares assumed to be
outstanding for:
Stock options 243 339 232 331
Convertible debentures 1,626 1,626 1,626 1,626
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Number of weighted average shares
outstanding for primary computation 52,208 52,057 52,233 52,118
Other dilutive equivalent shares--
stock options 0 0 0 0
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Number of shares assuming full
dilution 52,208 52,057 52,233 52,118
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Net income before cumulative effect
of change in accounting for income
taxes $155,134 $155,098 $ 47,552 $ 35,762
Interest on convertible debentures--
net of tax 2,145 2,629 715 1,177
-------- -------- -------- --------
157,279 157,727 48,267 36,939
Cumulative effect of change in
accounting for income taxes -0- 13,845 -0- -0-
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Net income for per share computation $157,279 $171,572 $ 48,267 $ 36,939
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Earnings per share:
Primary before cumulative effect of
change in accounting for income
taxes $ 3.01 $ 3.04 $ .92 $ .71
Cumulative effect of change in
accounting for income taxes -0- .26 -0- -0-
-------- -------- -------- --------
Total Primary $ 3.01 $ 3.30 $ .92 $ .71
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Fully Diluted $ 3.01 $ 3.30 $ .92 $ .71
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