EXHIBIT 11.1
INCYTE PHARMACUETICALS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE
(in thousands, except per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------- -----------------
1997 1996 1997 1996
------- -------- ------- --------
Primary Earnings (Loss) Per Share
- ------------------------------------------
Weighted average common shares
outstanding during the period. . . . . . 22,881 20,358 21,609 20,212
Adjustment for dilutive effect of
outstanding stock options. . . . . . . . 1,915 - 1,915 -
Weighted average common and common
stock equivalent shares used for
primary earnings (loss) per share. . . . 24,796 20,358 23,524 20,212
======= ======== ======= ========
Net income (loss). . . . . . . . . . . . . $ 3,044 $(3,352) $ 5,967 $(6,987)
======= ======== ======= ========
Net income (loss) per share. . . . . . . . $ 0.12 $ (0.16) $ 0.25 $ (0.35)
======= ======== ======= ========
Fully Diluted Earnings (Loss) Per Share
- ------------------------------------------
Weighted average common shares
outstanding during the period. . . . . . 22,881 20,358 21,609 20,212
Adjustment for dilutive effect of
outstanding stock options. . . . . . . . 2,146 - 2,057 -
Weighted average common and common
stock equivalent shares used for
fully diluted earnings (loss) per share. 25,027 20,358 23,666 20,212
======= ======== ======= ========
Net income (loss). . . . . . . . . . . . . $ 3,044 $(3,352) $ 5,967 $(6,987)
======= ======== ======= ========
Net income (loss) per share. . . . . . . . $ 0.12 $ (0.16) $ 0.25 $ (0.35)
======= ======== ======= ========
<FN>
Note: Fully diluted earnings (loss) per share is not presented separately on
the face of the Statement of Operations as the dilution of
the outstanding stock options does not differ materially.