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, ---------------- ------------------ 1997 1996 1997 1996 ---- ---- ---- ---- Weighted average shares outstanding 55,360 55,745 55,243 55,760 Equivalent shares assumed to be outstanding for: Stock options 386 282 439 276 Convertible debentures 1,773 1,792 1,773 1,792 ------ ------ ------ ------ Weighted average shares outstanding including common stock equivalents 57,519 57,819 57,455 57,828 Other dilutive equivalent shares-- stock options 105 -0- 105 -0- ------ ------ ------ ------ Number of shares assuming full dilution 57,624 57,819 57,560 57,828 ====== ====== ====== ====== Net income $ 149,877 $ 113,844 $ 75,830 $ 54,396 Interest on convertible debentures-- net of tax 1,421 1,430 708 715 --------- --------- --------- --------- Net income for per share computation $ 151,298 $ 115,274 $ 76,538 $ 55,111 ========= ========= ========= ========= Earnings per share: Total Primary $ 2.63 $ 1.99 $ 1.33 $ .95 ========= ========= ========= ========= Fully Diluted $ 2.63 $ 1.99 $ 1.33 $ .95 ========= ========= ========= =========