EXHIBIT 11
BERGEN BRUNSWIG CORPORATION
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COMPUTATION OF PRIMARY EARNINGS PER SHARE
FOR THE YEAR ENDED SEPTEMBER 30, 1994
AND FOUR YEARS ENDED AUGUST 31, 1993
(in thousands except for share and per share amounts)
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August 31,
September 30, ---------------------------------------------------
YEARS ENDED: 1994 1993 1992 1991 1990
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DATA AS TO EARNINGS
Earnings from continuing operations $56,120 $28,607 $53,012 $58,061 $55,212
Discontinued operations, net of taxes
on income:
Earnings from operations - - 3,876 6,076 7,354
Gain on disposition - - 3,976 - -
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Earnings before extraordinary gain (loss) 56,120 28,607 60,864 64,137 62,566
Extraordinary gain (loss) from early
extinguishment of debt, net of taxes
on income (income tax benefit) - (2,570) - - 3,497
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Net earnings applicable to common
and common equivalent shares $56,120 $26,037 $60,864 $64,137 $66,063
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DATA AS TO NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES:
Weighted average number of shares
outstanding:
Class A Common Stock 36,377,081 35,244,274 36,474,857 41,434,795 41,660,230
Class B Common Stock 40,675 100,492 100,492 109,992 110,825
Shares of Class A Common Stock to be issued
from assumed conversion of remainder
of Class B Common Stock 346,900 857,046 857,046 925,362 945,166
Common equivalent shares assuming issuance
of shares represented by outstanding
employees' stock options:
Additional shares assumed to be issued 482,620 438,934 727,967 975,549 1,133,664
Reduction of such additional shares
assuming proceeds invested in
treasury stock (at average market
prices during each year) (405,586) (327,310) (515,513) (788,339) (873,616)
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Average number of common and common
equivalent shares outstanding 36,841,690 36,313,436 37,644,849 42,657,359 42,976,269
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EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE OUTSTANDING:
Continuing operations $ 1.52 $ 0.79 $ 1.41 $ 1.36 $ 1.29
Discontinued operations:
Earnings from operations - - .10 .14 .17
Gain on disposition - - .11 - -
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Earnings before extraordinary gain (loss) 1.52 .79 1.62 1.50 1.46
Extraordinary gain (loss) - (.07) - - .08
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Net earnings $ 1.52 $ 0.72 $ 1.62 $ 1.50 $ 1.54
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EXHIBIT 11.1
BERGEN BRUNSWIG CORPORATION
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COMPUTATION OF EARNINGS PER SHARE ASSUMING FULL DILUTION
FOR THE YEAR ENDED SEPTEMBER 30, 1994
AND FOUR YEARS ENDED AUGUST 31, 1993
(in thousands except for share and per share amounts)
=================================================================================================================================
August 31,
September 30, ---------------------------------------------------
YEARS ENDED: 1994 1993 1992 1991 1990
=================================================================================================================================
NET EARNINGS APPLICABLE TO COMMON AND
COMMON EQUIVALENT SHARES (see Exhibit 11) $56,120 $26,037 $60,864 $64,137 $66,063
Interest on Convertible Zero Coupon-Subordinated
Notes (6 3/4% yield to maturity), net of tax effect - 3,812 8,735 8,324 6,135
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Net earnings applicable to common and common
equivalent shares assuming full dilution $56,120 $29,849 $69,599 $72,461 $72,198
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DATA AS TO NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES ASSUMING FULL DILUTION:
Average number of common and common equivalent
shares outstanding (see Exhibit 11) 36,841,690 36,313,436 37,644,849 42,657,359 42,976,269
Additional shares of Class A Common Stock resulting
from assumed conversion of Convertible Zero
Coupon-Subordinated Notes (6 3/4% yield to maturity) - 3,468,770 7,767,491 7,767,491 6,149,264
Excess of incremental shares assumed to be issued under
stock options (using market prices at the end of each
year) over shares used in computing primary earnings
per share (using average market prices during each year) 6,890 608 4,520 9,206 4,932
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Average number of common and common equivalent
shares outstanding assuming full dilution 36,848,580 39,782,814 45,416,860 50,434,056 49,130,465
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EARNINGS PER COMMON AND COMMON EQUIVALENT
SHARE OUTSTANDING ASSUMING FULL DILUTION:
Continuing operations $ 0.81
Discontinued operations:
Earnings from operations -
Gain on disposition -
----------
Earnings before extraordinary gain (loss) .81
Extraordinary gain (loss) (.06)
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Net earnings as computed $ 0.75 (2)
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EARNINGS PER COMMON AND COMMON EQUIVALENT
SHARE OUTSTANDING ASSUMING FULL DILUTION:
Continuing operations $ 1.52 $ 0.79 $ 1.36 $ 1.32 $ 1.25
Discontinued operations:
Earnings from operations - - .08 .12 .15
Gain on disposition - - .09 - -
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Earnings before extraordinary gain (loss) 1.52 .79 1.53 1.44 1.40
Extraordinary gain (loss) - (.07) - - .07
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Net earnings for Statements of
Consolidated Earnings (1) $ 1.52 $ 0.72 $ 1.53 $ 1.44 $ 1.47
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<FN>
(1) For the years ended August 31, 1992, 1991 and 1990, the Company assumed conversion of the Convertible Zero
Coupon-Subordinated Notes (6 3/4% yield to maturity) (which are note "common stock equivalents") because the effect of
such assumed conversion is dilutive in computing earnings per share assuming full dilution. In 1993, the computation of
earnings per share assuming full dilution does not assume conversion of the Convertible Zero Coupon-Subordinated Notes
because the effect would be anti-dilutive.
(2) This computation is submitted in accordance with Regulation S-K, Item 601(b)(11) although it is contrary to paragraph 40
of Accounting Principles Board Opinion No. 15 because it produces an anti-dilutive result.