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Previous: ST PAUL COMPANIES INC /MN/, 10-K/A, EX-10, 2000-08-18 |
Next: ST PAUL COMPANIES INC /MN/, 10-K/A, EX-12, 2000-08-18 |
<PAGE>
EXHIBIT 11
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Earnings per Common Share
(In millions, except per share amounts)
Twelve Months Ended
December 31,
----------------------------
1999 1998 1997
------- ------- -------
EARNINGS:
Basic:
Net income as reported $ 834 $ 89 $ 929
Preferred stock
dividends, net of taxes (8) (9) (10)
Premium on preferred shares redeemed (4) (3) (4)
----- ----- -----
Net income available
to common shareholders 822 77 915
===== ===== =====
Diluted:
Net income available
to common shareholders 822 77 915
Effect of dilutive securities:
Convertible preferred stock 6 - 6
Zero coupon convertible notes 3 - 3
Convertible monthly income
preferred securities 8 - 8
----- ----- -----
Net income available
to common shareholders $ 839 $ 77 $ 932
===== ===== =====
COMMON SHARES:
Basic:
Weighted average common shares outstanding 228 235 230
===== ===== =====
Diluted:
Weighted average common shares outstanding 228 235 230
Effect of dilutive securities:
Stock options 2 4 4
Convertible preferred stock 7 - 8
Zero coupon convertible notes 2 - 3
Convertible monthly income
preferred securities 7 - 7
----- ----- -----
Weighted average, as adjusted 246 239 252
===== ===== =====
EARNINGS PER COMMON SHARE:
Basic $3.61 $0.33 $3.97
Diluted $3.41 $0.32 $3.69
The assumed conversion of preferred stock, zero coupon notes and
monthly income preferred securities were each anti-dilutive to
The St. Paul's net income for the year ended Dec. 31, 1998. As
a result, the potentially dilutive effect of those securities is
not considered in the calculation of EPS amounts.
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