1
Exhibit 11
Ohio Casualty Corporation and Subsidiaries
Computation of Earnings Per Share on Primary and Fully Diluted Basis
for the years ended December 31, 1995, 1994 and 1993
1995 1994 1993
---- ---- ----
Net income applicable to common stock
(in thousands) $99,735 $96,891 $86,985
======= ======= =======
Average common shares outstanding
(shares in thousands) 35,750 36,033 36,016
Average number of common shares issuable upon
exercise of stock options, less common
shares assumed to have been repurchased
with the proceeds from the assumed exercise
of outstanding stock options. Number of
shares repurchased is based on the average
market price during year. 17 0 14
------- ------- -------
35,767 36,033 36,030
======= ======= =======
Net income per average share on a primary basis $ 2.79 $ 2.69 $ 2.42
======= ======= =======
Average common shares outstanding
(shares in thousands) 35,750 36,033 36,016
Average number of common shares issuable upon
exercise of stock options, less common
shares assumed to have been repurchased
with the proceeds from the assumed exercise
of outstanding stock options. Number of
shares repurchased is based on higher of
average market price during the year, or
market price at end of year. 17 5 12
------- ------- -------
35,767 36,038 36,028
======= ======= =======
Net income per average share on a fully
diluted basis $ 2.79 $ 2.69 $ 2.42
======= ======= =======
38