TECHNE CORPORATION
CALCULATION OF PRIMARY EARNINGS PER SHARE
Year ended June 30,
-------------------
1997 1996 1995
----------- ---------- ----------
Net earnings $10,881,662 $8,637,870 $6,706,042
=========== ========== ==========
Weighted average number of common shares 9,455,304 9,436,403 9,365,533
Dilutive effect of stock options
and warrants 275,962 285,022 156,423
----------- ---------- ----------
Average common and common equivalent
shares outstanding 9,731,266 9,721,425 9,551,956
=========== ========== ==========
Net earnings per share $ 1.12 $ 0.89 $ 0.70
=========== ========== ==========
CALCULATION OF FULLY-DILUTED EARNINGS PER SHARE (1)
Year ended June 30,
-------------------
1997 1996 1995
----------- ---------- ----------
Net earnings $10,881,662 $8,637,870 $6,706,042
=========== ========== ==========
Weighted average number of common shares 9,455,304 9,436,403 9,365,533
Dilutive effect of stock options
and warrants 294,834 317,812 166,637
----------- ---------- ----------
Average common and common equivalent
shares outstanding 9,750,138 9,754,215 9,532,170
=========== ========== ==========
Net earnings per share $ 1.12 $ 0.89 $ 0.70
=========== ========== ==========
(1) Not separately reported since effect of dilution is less than 3%.