Exhibit 11

Statements Re: Computation of Per Share Earnings

	Three months ended September 30,				Nine months ended September 30,
(In millions)	2009		2008		2009		2008
Numerator:
Net income—basic and diluted	$	171	$	247	$	187	$	268
Denominator:
Weighted-average common shares outstanding		162,627,624		164,146,095		162,556,962		163,404,320
Effect of stock based awards		273,772		96,090		237,805		429,843
Adjusted weighted-average shares		162,901,396		164,242,185		162,794,767		163,834,163
Earnings per share:
Basic	$	1.05	$	1.51	$	1.15	$	1.64
Diluted		1.05		1.50		1.15		1.64
Number of anti-dilutive stock based awards		9,913,628		9,263,059		9,913,628		6,528,470
Exercise price of anti-dilutive stock based awards	$	25.08-45.26	$	25.08-45.26	$	25.08-45.26	$	25.08-45.26

Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three- and nine-month periods ended September 30, 2009 and 2008, since inclusion of these awards would have anti-dilutive effects.

Cincinnati Financial 3Q09 10-Q