Exhibit 11 SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (Amounts in millions, except per share figures) Three Months Ended March 31, 1996 1995 Earnings per Common Share, As Reported: Income from continuing operations . . . $ 326.6 $ 284.9 Discontinued operations . . . . . . . . - (6.3) Net income applicable to common shares. 326.6 278.6 Average Number of Common Shares Outstanding . . . . . . . . . . . . . . 365.7 372.0 Earnings per Common Share: Income from continuing operations . . . .89 .77 Discontinued operations . . . . . . . . - (.02) Earnings per Common Share . . . . . . . $ .89 $ .75 Earnings per Common Share, Assuming Full Dilution: (a) Average Number of Common Shares Outstanding . . . . . . . . . . . . . . 365.7 372.0 Shares Contingently Issuable for Stock Incentive Plans and Warrant Agreements. . . . . . . . . . . . . . . 4.1 4.6 Average Number of Common Shares and Common Share Equivalents Outstanding. . 369.8 376.6 Earnings per Common Share, Assuming Full Dilution . . . . . . . . . . . . $ .88 $ .74 (a) This calculation is submitted in accordance with the regulations of the Securities and Exchange Commission although not required by APB Opinion NO. 15 because it results in dilution of less than 3%.