Exhibit 11(a) THE SCOTTS COMPANY Computation of Net Income Per Common Share (in thousands except share amounts) For The Three Months Ended For The Year Ended -------------------------- ------------------ September September September September 30, 1994 30, 1995 30, 1994 30, 1995 --------- --------- --------- --------- Net income for computing net income per common share: Income before extraordinary items ......................... $ 3,014 $ 135 $ 23,875 $22,356 Extraordinary items: Loss on early extinguishment of debt, net of tax ................. (992) (992) ------- ------- ---------- ------- Net income ....................... 2,022 135 22,883 22,356 Preferred stock dividend (1) ............... -- (2,437) -- -- ------- ------- ---------- ------- Net income (loss) applicable to common shares .............. $ 2,022 (2,302) 22,883 22,356 ======= ======= ========== ======= Net income (loss) per common ..... $ .16 $ (.12) $ 1.27 $ 0.99 share: Income before extraordinary items Extraordinary items: Loss on extinguishment of debt, net of tax .............. (.05) -- (.05) -- --------- -------- ---------- ------- Net income (loss) per common share ......................... $ .11 $ (.12) $ 1.22 $ 0.99 ======= ======= ========== ======= Computation of Weighted Average Number of Common Shares Outstanding For The Three Months Ended For The Year Ended -------------------------- ------------------ September September September September 30, 1994 30, 1995 30, 1994 30, 1995 --------- --------- --------- --------- Weighted average common shares outstanding during the 18,667,064 18,678,382 18,662,998 18,669,894 period Assuming conversion of 3,706,140 preferred stock Assuming exercise of options using the Treasury Stock Method 60,647 416,146 121,731 230,126 Assuming exercise of warrants using the Treasury Stock Method 42,102 10,525 ------ ------ Weighted average number of common 18,727,711 19,136,630 18,784,729 22,616,685 shares outstanding as ========== ========== ========== ========== adjusted Fully diluted weighted average common shares outstanding were not materially different than primary weighted average common shares outstanding for the periods presented. (1) The convertible preferred stock is considered to be a common stock equivalent since its effective yield is less than 66 2/3% of the average Aa corporate bond yield. For the Three Months Ended September 30, 1995 computation of Net Income per Common Share, conversion of the convertible preferred stock is antidilutive.