EX-11 2 l88239aex11.txt EXHIBIT 11 1 EXHIBIT 11 CINCINNATI FINANCIAL CORPORATION STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (000's omitted except per share data)
Three Months Ended March 31, 2001 2000 ---- ---- Basic earnings per share: Net income ....................................... $ 72,613 $ 79,363 ======== ======== Average shares outstanding ....................... $162,888 $161,430 ======== ======== Net income per common share ...................... $ .45 $ .49 ======== ======== Diluted earnings per share: Net income ....................................... $ 72,613 $ 79,363 Interest on convertible debentures--net of tax.... 263 328 -------- -------- Net income for per share calculation (diluted).... $ 72,876 $ 79,691 ======== ======== Average shares outstanding ....................... 162,688 161,430 Effective of dilutive securities: 5.5% convertible senior debentures ............... 1,980 2,443 Stock options ................................... 1,486 986 -------- -------- Total dilutive shares ............................ 166,154 164,859 ======== ======== Net income per common share (diluted) ............ $ .44 $ .48 ======== ========
ANTI-DILUTIVE SECURITIES Options to purchase 963 and 2,669 shares of the Company with exercise prices ranging from $37.88 to $45.37 per share were outstanding at March 31, 2001, and exercise prices ranging from $33.00 to $45.37 per share were outstanding at March 31, 2000. The shares were not included in the computation of diluted earnings per share for the three-month periods ended March 31, 2001 and 2000, since inclusion of these options would have anti-dilutive effects, as the options-exercise prices exceeded the respective average market prices of the Company's shares. 12