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,
	2003			2002			2001
EARNINGS:
Basic:
Net income (loss), as reported	$	661		$	218		$	(1,088	)
Preferred stock dividends, net of taxes	(8		)	(9		)	(9		)
Premium on preferred shares redeemed	(7		)	(7		)	(8		)
Net income (loss) available to common shareholders	646			$	202		$	(1,105	)
Diluted:
Net income (loss) available to common shareholders	$	646		$	202		$	(1,105	)
Dilutive effect of affiliates	(4		)	(3		)	—
Effect of dilutive securities:
Convertible preferred stock	7			7			—
Zero coupon convertible notes	3			3			—
Net income (loss) available to common shareholders	$	652		$	209		$	(1,105	)
COMMON SHARES
Basic:
Weighted average shares outstanding	228			216			212
Diluted:
Weighted average shares outstanding	228			216			212
Effect of dilutive securities:
Stock options	1			2			—
Convertible preferred stock	6			6			—
Zero coupon convertible notes	2			2			—
Equity unit stock purchase contracts	3			1			—
Weighted average, as adjusted	240			227			212
EARNINGS (LOSS) PER COMMON SHARE:
Basic	2.84			0.94			(5.22		)
Diluted	2.72			0.92			(5.22		)

The assumed conversion of preferred stock and zero coupon notes are each anti-dilutive to our net loss per share for the year ended Dec. 31, 2001, and therefore are not included in our earnings per share calculation.