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Exhibit 11
Ohio Casualty Corporation and Subsidiaries
Computation of Earnings Per Share on Primary and
Fully Diluted Basis for the years ended
December 31, 1996, 1995 and 1994
1996 1995 1994
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Net income applicable to common stock
(in thousands) $102,457 $99,735 $96,891
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Average common shares outstanding
(shares in thousands) 35,247 35,750 36,033
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. 3 17 0
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35,250 35,767 36,033
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Net income per average share on a primary basis $ 2.91 $ 2.79 $ 2.69
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Average common shares outstanding
(shares in thousands) 35,247 35,750 36,033
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. 8 17 5
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35,255 35,767 36,038
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Net income per average share on a fully
diluted basis $ 2.91 $ 2.79 $ 2.69
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