ALZA CORPORATION
June 30, 1995
EXHIBIT 11
Statement Regarding Weighted Average Common and Common
Equivalent Shares Used in Computation of Per Share Earnings
(In thousands)
PRIMARY
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QUARTER ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
1995 1994 1995 1994
------- ------- ------- --------
Common stock 82,163 81,750 82,118 81,701
$25 warrants - - - -
$65 warrants - - - -
5 1/4% zero coupon
convertible
subordinated
debentures - - - -
Stock options 250 563 283 608
------ ------ ------ ------
Average shares 82,413 82,313 82,401 82,309
------ ------ ------ ------
------ ------ ------ ------
FULLY DILUTED
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QUARTER ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
1995 1994 1995 1994
------- ------- ------- --------
Common stock 82,163 81,750 82,118 81,701
$25 warrants - - - -
$65 warrants - - - -
5 1/4% zero coupon
convertible
subordinated
debentures - - - -
Stock options 451 564 384 608
------ ------ ------ ------
Average shares 82,614 82,314 82,502 82,309
------ ------ ------ ------
------ ------ ------ ------
ALZA CORPORATION
June 30, 1995
Primary and fully diluted earnings per share are based on weighted average
common and dilutive common equivalent shares, including ALZA common stock,
warrants and options, for the period each was outstanding. The 5 1/4% zero
coupon convertible subordinated debentures (issued in July 1994) are considered
common stock equivalents; they were antidilutive for the quarter and six months
ended June 30, 1995.
Fully diluted earnings per share are not presented on the face of the
condensed consolidated statement of income (unaudited) since dilution is less
than 3% for each period presented.