EXHIBIT 11
Statement Recomputation of Per Share Earnings

			Six months ended June 30,					Three months ended June 30,
(Dollars in millions except share data)			2003		2002		2003		2002
Numerator:
	Net income — basic and diluted		$	141	$	110	$	84	$	35
Denominator:
	Weighted-average shares outstanding			160,899,748		161,973,902		160,656,638		162,176,990
	Effect of stock options			878,900		1,672,017		974,395		2,148,629
		Adjusted weighted-average shares		161,778,648		163,645,919		161,631,033		164,325,619
Earnings per share:
	Basic		$	0.88	$	0.68	$	0.53	$	0.22
	Diluted		$	0.87	$	0.67	$	0.52	$	0.21

Anti-Dilutive Securities
For the six-month period, options to purchase 2,177,105 shares of the company’s common stock with exercise prices ranging from $36.63 to $45.37 per share were outstanding at June 30, 2003, and 589,800 shares with exercise prices ranging from $42.87 to $45.37 per share were outstanding at June 30, 2002. For the three-month period, options to purchase 2,051,732 shares of the company’s common stock with exercise prices ranging from $37.31 to $45.37 per share were outstanding at June 30, 2003, and no shares were outstanding at June 30, 2002. Shares were not included in the computation of diluted earnings per share for either the six-month or three-month periods ended June 30, 2003 and 2002, 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.

Cincinnati Financial Corporation
Form 10-Q for the Quarter Ended June 30, 2003 24