EXHIBIT 11 MedChem Products, Inc. and Subsidiaries Computation of Primary and Fully Diluted Earnings Per Share Three months ended Six months ended June 30, June 30, 1995 1994 1995 1994 ------------------------------- ------------------------------- PRIMARY : --------- Net income $1,174,911 $518,309 $1,980,264 $1,601,445 Weighted average number of common shares outstanding 10,252,415 10,091,142 10,242,888 10,091,142 Dilutive effect of outstanding stock options 446,360 213,675 280,042 213,675 ----------- ------------- ----------- -------------- Weighted average number of common shares as adjusted 10,698,775 10,304,817 10,522,930 10,304,817 ----------- ------------- ----------- -------------- Primary earnings per share $0.11 $0.05 $0.19 $0.16 =========== ============= ============ ============== FULLY DILUTED: -------------- Net income $1,174,911 $518,309 $1,980,264 $1,601,445 Weighted average number of common shares outstanding 10,252,415 10,091,142 10,242,888 10,091,142 Dilutive effect of outstanding stock options 679,271 213,675 398,083 213,675 ----------- ------------- ----------- -------------- Weighted average number of common shares as adjusted 10,931,686 10,304,817 10,640,971 10,304,817 ----------- ------------- ----------- -------------- Fully diluted earnings per share $0.11 $0.05 $0.19 $0.16 =========== ============= =========== ==============