EXHIBIT 11
CHATTEM, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
FOR THE YEARS ENDED NOVEMBER 30, 1994, 1993 AND 1992
(IN THOUSANDS, EXCEPT PER SHARE DATA)
1994 1993 1992
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NET INCOME:
Income before extraordinary loss and cumulative
effect of accounting changes.................. $ 3,610 $ 1,279 $ 8,072
Extraordinary loss on early extinguishment
of debt, net.................................. (1,556) (480) --
Cumulative effect of accounting changes, net.... -- 569 --
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Net income.................................. $ 2,054 $ 1,368 $ 8,072
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WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES OUTSTANDING:
Weighted average number of common shares
outstanding................................... 7,292 6,303 4,787
Shares issued upon assumed exercise of
outstanding stock options..................... -- 38 246
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Weighted average number of common and common
equivalent shares outstanding ................ 7,292 6,341 5,033
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NET INCOME PER COMMON SHARE:
Before extraordinary loss and cumulative effect
of accounting changes......................... $ .50 $ .20 $ 1.60
Extraordinary loss on early extinguishment
of debt, net.................................. (.21) (.07) --
Cumulative effect of accounting changes, net.... -- .09 --
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Net income per common share................. $ .29 $ .22 $ 1.60
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