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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,
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1999 1998 1999 1998
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Basic earnings per share:
Net income ................................... $207,777 $195,943 $ 57,046 $ 52,915
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Average shares outstanding ................... 164,542 166,871 162,638 167,072
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Net income per common share .................. $ 1.26 $ 1.17 $ .35 $ .31
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Diluted earnings per share:
Net income ................................... $207,777 $195,943 $ 57,046 $ 52,915
Interest on convertible debentures--net of tax 1,239 1,452 381 471
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Net income for per share calculation (diluted) $209,016 $197,395 $ 57,427 $ 53,386
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Average shares outstanding ................... 164,542 166,871 162,638 167,072
Effective of dilutive securities:
5.5% convertible senior debentures ........... 2,889 3,547 2,889 3,547
Stock options ................................ 1,626 1,833 1,705 1,614
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Total dilutive shares ........................ 169,057 172,251 167,232 172,233
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Net income per common share--diluted ......... $ 1.24 $ 1.15 $ .34 $ .31
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10Q/sa