TECHNE CORPORATION
CALCULATION OF PRIMARY EARNINGS PER SHARE
Year ended June 30,
-------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Net earnings $8,637,870 $6,706,042 $5,093,662 $4,382,275 $1,963,764
========== ========== ========== ========== ==========
Weighted average
number of common
shares 9,436,403 9,365,533 9,315,413 9,171,571 8,525,633
Dilutive effect of
stock options and
warrants 285,022 156,423 201,787 275,117 658,950
---------- ---------- ---------- ---------- ----------
Average common and
common equivalent
shares outstanding 9,721,425 9,551,956 9,517,200 9,446,688 9,184,583
========== ========== ========== ========== ==========
Net earnings per
common and common
equivalent share $ 0.89 $ 0.70 $ 0.54 $ 0.46 $ 0.21
========== ========== ========== ========== ==========
CALCULATION OF FULLY-DILUTED EARNINGS PER SHARE (1)
Year ended June 30,
-------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Net earnings before
interest addback $8,637,870 $6,706,042 $5,093,662 $4,382,275 $1,963,764
Interest on
convertible
debenture, net of
income tax - - - 40,460 15,165
---------- ---------- ---------- ---------- ----------
Net earnings $8,637,870 $6,706,042 $5,093,662 $4,422,735 $1,978,929
========== ========== ========== ========== ==========
Weighted average
number of common
shares 9,436,403 9,365,533 9,315,413 9,171,571 8,525,633
Dilutive effect of
convertible
debentures, stock
options and
warrants 317,812 166,637 207,786 380,241 870,898
---------- ---------- ---------- ---------- ----------
Average common and
common equivalent
shares outstanding 9,754,215 9,532,170 9,523,199 9,551,812 9,396,531
========== ========== ========== ========== ==========
Net earnings per
common and common
equivalent share $ 0.89 $ 0.70 $ 0.54 $ 0.46 $ 0.21
========== ========== ========== ========== ==========
(1) Not separately reported since effect of dilution is less than 3%.