1
EXHIBIT 11
CINCINNATI FINANCIAL CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(000's omitted except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
------------------ -------------------
1998 1997 1998 1997
---- ---- ---- ----
Basic earnings per share:
Net income $ 195,943 $ 226,877 $ 52,915 $ 77,000
Average shares outstanding 166,871 165,690 167,072 163,124
Net income per common share $ 1.17 $ 1.37 $ .31 $ .47
Diluted earnings per share:
Net income $ 195,943 $ 226,877 $ 52,915 $ 77,000
Interest on convertible debentures--net of tax 1,452 2,128 471 707
--------- --------- -------- --------
Net income for per share calculation (diluted) $ 197,395 $ 229,005 $ 53,386 $ 77,707
========= ========= ======== ========
Average shares outstanding 166,871 165,690 167,072 163,124
Effective of dilutive securities:
5.5% convertible senior debentures 3,547 5,318 3,547 5,318
Stock options 1,833 1,258 1,614 1,521
--------- --------- -------- --------
Total dilutive shares 172,251 172,266 172,233 169,963
======== ======== ======== ========
Net income per common share--diluted $ 1.15 $ 1.33 $ .31 $ .46