Exhibit 11
A.L. Pharma Inc.
Computation of Earnings (Loss) per Common Share
Primary and Fully Diluted
(Dollars in thousands, except for per share data)
Twelve Months Ended
December 31,
1994 1993(A) 1992(A)
Computation for Statement of Operations
Primary earnings (loss) per share:
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (1,703) $ 10,129 $ 13,551
Discontinued operations, net of tax 4,809
Income (loss) before extraordinary item
and cumulative effect of change in
accounting principle (1,703) 10,129 18,360
Extraordinary item, net of tax (683)
Cumulative effect of change in accounting
principle 2,614
Net income (loss) $ (2,386) $ 10,129 $ 20,974
Average common shares outstanding 21,568,000 21,510,000 18,264,000
Earnings per common share - Primary
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (0.08) $ 0.47 $ 0.74
Income (loss) before extraordinary item
and cumulative effect of change in
accounting principle $ (0.08) $ 0.47 $ 1.01
Extraordinary item, net of tax $ (0.03) $ $
Cumulative effect of change in
accounting principle $ $ $ 0.14
Net income (loss) $ (0.11) $ 0.47 $ 1.15
Additional primary computation (B)
Average common shares outstanding 21,568,000 21,510,000 18,264,000
Dilutive effect of outstanding options
determined by treasury stock method 97,538 70,788 124,062
21,665,538 21,580,788 18,388,062
Earnings (loss) per common share - Primary
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (0.08) $ 0.47 $ 0.74
Income (loss) before extraordinary item
and cumulative effect of change in
accounting period $ (0.08) $ 0.47 $ 1.00
Extraordinary item, net of tax $ (0.03) $ $
Cumulative effect of change in accounting
principle $ $ $ 0.14
Net income (loss) $ (0.11) $ 0.47 $ 1.14
Exhibit 11
A.L. Pharma Inc.
Computation of Earnings (Loss) per Common Share (continued)
Primary and Fully Diluted
(Dollars in thousands, except for per share data)
Twelve Months Ended
December 31,
1994 1993 1992
Computation for Statement of Operations
Fully diluted earnings (loss) per share:
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (1,703) $ 10,129 $ 13,551
Additions:
Interest on convertible debentures,
net of tax 2,448
Amortization of deferred debenture costs,
net of tax 49
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (1,703) $ 10,129 $ 16,048
Discontinued operations, net of tax 4,809
Income (loss) before extraordinary item
and cumulative effect of change in
accounting principle (1,703) 10,129 20,857
Extraordinary item, net of tax (683)
Cumulative effect of change in accounting
principle 2,614
Net income (loss) $ (2,386) $ 10,129 $ 23,471
Average common shares outstanding 21,568,000 21,510,000 18,264,000
additions:
Assumed conversion of convertible
debentures as of beginning of period 3,180,067
Dilutive effect of outstanding options
determined by treasury stock method 97,538 70,788 124,062
21,665,538 21,580,788 21,568,129
Earnings (loss) per common share - Fully Diluted
Income (loss) from continuing operations
before extraordinary item and cumulative
effect of change in accounting principle $ (0.08) $ 0.47 $ 0.74
Income (loss) before extraordinary item and
cumulative effect of change in accounting
principle $ (0.08) $ 0.47 $ 0.97
Extraordinary item, net of tax $ (0.03) $ $
Cumulative effect of change in accounting
principle $ $ $ 0.12
Net income (loss) $ (0.11) $ 0.47 $ 1.09
(A) Reflects the retroactive effect of the October 1994 merger, accounted for as a
pooling of interest, with A.L. Oslo.
(B) This calculation is submitted in accordance with Regulation S-K, Item 601(b)
(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15
because such calculation results in dilution of less than 3%.