TECHNE CORPORATION
CALCULATION OF PRIMARY EARNINGS PER SHARE
Year ended June 30,
-------------------
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
Earnings before
extraordinary item $6,706,042 $5,093,662 $4,382,275 $1,963,764 $1,635,020
Extraordinary item - - - - 49,000
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Net earnings $6,706,042 $5,093,662 $4,382,275 $1,963,764 $1,684,020
========== ========== ========== ========== ==========
Weighted average
number of common
shares 9,365,533 9,315,413 9,171,571 8,525,633 7,964,573
Dilutive effect of
stock options and
warrants 156,423 201,787 275,117 658,950 698,285
---------- ---------- ---------- ---------- ----------
Average common and
common equivalent
shares outstanding 9,521,956 9,517,200 9,446,688 9,184,583 8,662,858
========== ========== ========== ========== ==========
Per share:
Earnings before
extraordinary item $ 0.70 $ 0.54 $ 0.46 $ 0.21 $ 0.18
Extraordinary item - - - - 0.01
---------- ---------- ---------- ---------- ----------
Net earnings $ 0.70 $ 0.54 $ 0.46 $ 0.21 $ 0.19
========== ========== ========== ========== ==========
TECHNE CORPORATION
CALCULATION OF FULLY-DILUTED EARNINGS PER SHARE (1)
Year ended June 30,
-------------------
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
Earnings before
extraordinary item
and interest
addback $6,706,042 $5,093,662 $4,382,275 $1,963,764 $1,635,020
Interest on
convertible
debenture, net of
income tax - - 40,460 15,165 28,000
---------- ---------- ---------- ---------- ----------
Earnings before
extraordinary item 6,706,042 5,093,662 4,422,735 1,978,929 1,663,020
Extraordinary item - - - - 49,000
---------- ---------- ---------- ---------- ----------
Net earnings $6,706,042 $5,093,662 $4,422,735 $1,978,929 $1,712,020
========== ========== ========== ========== ==========
Weighted average
number of common
shares 9,365,533 9,315,413 9,171,571 8,525,633 7,964,573
Dilutive effect of
convertible
debentures, stock
options and
warrants 166,637 207,786 380,241 870,898 926,319
---------- ---------- ---------- ---------- ----------
Average common and
common equivalent
shares outstanding 9,532,170 9,523,199 9,551,812 9,396,531 9,890,892
========== ========== ========== ========== ==========
Per share:
Earnings before
extraordinary item $ 0.70 $ 0.54 $ 0.46 $ 0.21 $ 0.18
Extraordinary item - - - - 0.01
---------- ---------- ---------- ---------- ----------
Net earnings $ 0.70 $ 0.54 $ 0.46 $ 0.21 $ 0.19
========== ========== ========== ========== ==========
(1) Not separately reported since effect of dilution is less than 3%.