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EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTER ENDED MARCH 31,
(000's omitted except per share data)
1998 1997
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Basic Earnings per share:
Net income $ 84,178 $ 74,047
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Average shares outstanding 166,601 166,437
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Net income per common share $ .51 $ .44
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Diluted earnings per share:
Net income $ 84,178 $ 74,047
Interest on convertible debentures--net of tax 497 713
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Net income for per share calculation (diluted) $ 84,675 $ 74,760
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Average shares outstanding 166,601 166,437
Effective of dilutive securities:
5.5% convertible senior debentures 3,813 5,365
Stock options 2,124 1,015
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Total dilutive shares 172,538 172,817
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Net income per common share--diluted $ .49 $ .43
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