Exhibit 11
Computation of Earnings Per Share
Lannett Company, Inc. and Subsidiaries
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
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| 2005 |
| 2004 |
| 2003 |
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|
| Net (Loss)/Income |
| Shares |
| Net Income |
| Shares |
| Net Income |
| Shares |
| |||
|
| (Numerator) |
| (Denominator) |
| (Numerator) |
| (Denominator) |
| (Numerator) |
| (Denominator) |
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Basic (loss)/earnings per share factors |
| $ | (32,779,597 | ) | 24,097,472 |
| $ | 13,215,454 |
| 20,831,750 |
| $ | 11,666,887 |
| 19,968,633 |
|
Effect of potentially dilutive option plans |
|
|
|
|
|
|
| 222,194 |
|
|
| 152,681 |
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Diluted (loss)/earnings per share factors |
| $ | (32,779,597 | ) | 24,191,578 |
| $ | 13,215,454 |
| 21,053,944 |
| $ | 11,666,887 |
| 20,121,314 |
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Basic (loss)/earnings per share |
| $ | (1.36 | ) |
|
| $ | 0.63 |
|
|
| $ | 0.58 |
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|
Diluted (loss)/earnings per share |
| $ | (1.36 | ) |
|
| $ | 0.63 |
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|
| $ | 0.58 |
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Dilutive shares have been excluded in the weighted average shares used for the calculation of earnings per share in periods of net loss because the effect of such securities would be anti-dilutive. The number of anti-dilutive weighted average shares that have been excluded in the computation of diluted earnings per share for the year ended June 30, 2005, 2004 and 2003 were 857,108, 178,500, and 0, respectively.
