EX-11 3 l94457aex11.txt EXHIBIT 11 EXHIBIT 11 CINCINNATI FINANCIAL CORPORATION STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (dollars in millions except per share data)
Three Months Ended March 31, 2002 2001 ---- ---- Basic earnings per share: Net income ............................................. $ 75 $ 73 ===== ===== Average shares outstanding ............................. 162 163 ===== ===== Net income per common share ............................ $0.46 $0.45 ===== ===== Diluted earnings per share: Net income ............................................. $ 75 $ 73 Interest on convertible debentures--net of tax ......... 0 0 ----- ----- Net income for per share calculation (diluted) ......... $ 75 $ 73 ===== ===== Average shares outstanding ............................. 162 163 Effective of dilutive securities: 5.5% convertible senior debentures .................... 0 2 Stock options ......................................... 1 1 ----- ----- Total shares - diluted ................................. 163 166 ===== ===== Net income per common share (diluted) .................. $0.46 $0.44 ===== =====
ANTI-DILUTIVE SECURITIES Options to purchase 1 million shares of the Company with exercise prices ranging from $39.88 to $45.37 per share were outstanding at March 31, 2002, and 1 million shares with exercise prices ranging from $37.88 to $45.37 per share were outstanding at March 31, 2001. The shares were not included in the computation of diluted earnings per share for the three-month periods ended March 31, 2002 and 2001, 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.