Exhibit 11

Statements Re: Computation Of Per Share Earnings

	Three months ended March 31,
(In millions)	2009		2008
Numerator:
Net income (loss)—basic and diluted	$	35	$	(42	)
Denominator:
Weighted-average common shares outstanding		162,485,373		165,105,311
Effect of stock based awards		178,252		—
Adjusted diluted weighted-average shares		162,663,625		165,105,311
Earnings (loss) per share:
Basic	$	0.22	$	(0.26	)
Diluted		0.22		(0.26	)
Number of anti-dilutive stock based awards		10,146,303		3,812,759
Exercise price of anti-dilutive stock based awards	$	25.08-45.26	$	37.59-45.26

Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three-month periods ended March 31, 2009 and 2008, since inclusion of these awards would have anti-dilutive effects.

48 Cincinnati Financial Corporation
Form 10-Q for the period ended March 31, 2009