1 EXHIBIT 11 CINCINNATI FINANCIAL CORPORATION STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (in thousands except for per share amounts) Six Months Ended Three Months Ended June 30, June 30, ---------------- --------------- 1996 1995* 1996 1995* ---- ----- ---- ----- Weighted average shares outstanding 55,745 55,648 55,760 55,672 Equivalent shares assumed to be outstanding for: Stock options 282 212 276 232 Convertible debentures 1,792 1,792 1,792 1,792 -------- -------- ------- ------- Number of shares for primary computation 57,819 57,652 57,828 57,696 Other dilutive equivalent shares-- stock options -0- -0- -0- -0- -------- -------- ------- ------- Number of shares assuming full dilution 57,819 57,652 57,828 57,696 ======== ======== ======= ======= Net income $113,844 $118,385 $54,396 $55,140 Interest on convertible debentures-- net of tax 1,430 1,430 715 715 -------- -------- ------- ------- Net income for per share computation $115,274 $119,815 $55,111 $55,855 ======== ======== ======= ======= Earnings per share: Total Primary $ 1.99 $ 2.08 $ .95 $ .97 ======== ======== ======= ======= Fully Diluted $ 1.99 $ 2.08 $ .95 $ .97 ======== ======== ======= ======= *Common shares and their equivalent have been adjusted to reflect the 5% stock dividend effective March 15, 1996.