EX-11 3 l89896aex11.txt EXHIBIT 11 1 EXHIBIT 11 CINCINNATI FINANCIAL CORPORATION STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (000's omitted except per share data)
Six Months Ended Three Months Ended JUNE 30, JUNE 30, ---------- ---------- 2001 2000 2001 2000 -------- -------- -------- -------- Basic earnings per share: Net income ..................................... $121,581 $154,057 $ 48,967 $ 74,694 ======== ======== ======== ======== Average shares outstanding ..................... 161,909 161,527 161,139 161,623 ======== ======== ======== ======== Net income per common share .................... $ .75 $ .95 $ .30 $ .46 ======== ======== ======== ======== Diluted earnings per share: Net income ..................................... $121,581 $154,057 $ 48,967 $ 74,694 Interest on convertible debentures--net of tax . 429 665 165 337 -------- -------- -------- -------- Net income for per share calculation (diluted) . $122,010 $154,722 $ 49,132 $ 75,031 ======== ======== ======== ======== Average shares outstanding ..................... 161,909 161,527 161,139 161,623 Effective of dilutive securities: 5.5% convertible senior debentures ............ 910 2,112 910 2,112 Stock options ................................. 1,576 1,256 1,761 1,814 -------- -------- -------- -------- Total dilutive shares .......................... 164,395 164,895 163,810 165,549 ======== ======== ======== ======== Net income per common share--(diluted) ......... $ .74 $ .94 $ .30 $ .45 ======== ======== ======== ========
ANTI-DILUTIVE SECURITIES Options to purchase 953 shares of the Company's common stock with exercise prices ranging from $38.39 to $45.37 per share were outstanding at June 30, 2001, and 1,026 shares with exercise prices ranging from $35.19 to $45.37 per share were outstanding at June 30, 2000. The shares were not included in the computation of diluted earnings per share for periods either the six or three-month ended June 30, 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.