Exhibit 11 OMNICARE, INC. AND SUBSIDIARY COMPANIES Computation of Earnings Per Common Share (EPS) (in thousands, except per share data) Three Months Ended March 31, 2000 1999 BASIC EARNINGS: Net income $14,393 $27,807 ======= ======= Shares Weighted average number of common shares outstanding 91,599 90,526 ======= ======= Basic earnings per common share $ 0.16 $ 0.31 ======= ======= DILUTED EARNINGS (a): Net income $14,393 $27,807 ======= ======= Shares Weighted average number of common shares outstanding 91,599 90,526 Additional shares assuming conversion of stock options and stock warrants (b) -- 355 ------- ------- Weighted average common shares outstanding as adjusted 91,599 90,881 ======= ======= Diluted earnings per common share $ 0.16 $ 0.31 ======= ======= (a) The $345,000,000 of 5.0% Convertible Subordinated Notes due 2007 which are convertible into 8,712,121 shares at $39.60 per share were outstanding during the three months ended March 31, 2000 and 1999, but were not included in the computation of diluted EPS because the impact was anti-dilutive. (b) Options and warrants to purchase shares of common stock were excluded from the computation of diluted earnings per share in those cases where the exercise price was greater than the average market price of common shares.