EX-11 2 v237330_ex11.htm EXHIBIT 11 Unassociated Document
 
Exhibit 11
 
Statements Re: Computation of Per Share Earnings
 
(Dollars in millions except share data)
 
Three months ended September 30,
   
Nine months ended September 30,
 
   
2011
   
2010
   
2011
   
2010
 
Numerator:
                       
Net income—basic and diluted
  $ 19     $ 156     $ 32     $ 251  
                                 
Denominator:
                               
Weighted-average common shares outstanding
    162,538,330       162,668,815       162,847,543       162,788,805  
Effect of stock based awards
    547,644       506,867       617,224       462,823  
Adjusted weighted-average shares
    163,085,974       163,175,682       163,464,767       163,251,628  
                                 
Earnings per share:
                               
Basic
  $ 0.12     $ 0.95     $ 0.20     $ 1.54  
Diluted
    0.12       0.95       0.20       1.53  
                                 
Number of anti-dilutive stock based awards
     8,589,954       9,586,532        7,790,372       9,662,270  
Exercise price of anti-dilutive stock based awards
  $ 26.58-45.26     $ 26.58-45.26     $ 26.58-45.26     $ 26.58-45.26  
 
Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three- and nine-month periods ended September 30, 2011 and 2010, since inclusion of these awards would have anti-dilutive effects.
 
Cincinnati Financial Corporation Third-Quarter 2011 10-Q