EXHIBIT 11

Statement Recomputation of Per Share Earnings

	Three months ended June 30,				Six months ended June 30,
(Dollars in millions except share data)	2004		2003		2004		2003
Numerator:
Net income — basic and diluted	$	155	$	84	$	301	$	141
Denominator:
Weighted-average shares outstanding		168,242,247		168,689,470		168,288,581		168,944,735
Effect of stock options		1,933,875		1,023,115		1,862,786		922,845
Adjusted weighted-average shares		170,176,122		169,712,585		170,151,367		169,867,580
Earnings per share:
Basic	$	0.92	$	0.50	$	1.79	$	0.84
Diluted	$	0.91	$	0.50	$	1.77	$	0.83

Anti-Dilutive Securities

Shares were not included in the computation of diluted earnings per share for the three- and six-month periods ended June 30, 2004 and 2003, 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.

	Three months ended June 30,				Six months ended June 30,
(In millions except share data)	2004		2003		2004		2003
Number of options		252,002		2,154,319		252,002		2,285,960
Exercise price range	$	43.20	$	35.53 to $43.20	$	43.20	$	34.88 to $43.20

Cincinnati Financial Corporation
Form 10-Q for the Quarter Ended June 30, 2004	37