Exhibit 11
OMNICARE, INC. AND SUBSIDIARY COMPANIES
Computation of Earnings Per Common Share (EPS)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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2001 2000 2001 2000
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Basic Earnings:
Net income $ 13,560 $ 13,509 $ 51,000 $ 38,578
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Shares
Weighted average number of common
shares outstanding 93,345 92,160 92,992 91,972
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Basic earnings per common share $ 0.15 $ 0.15 $ 0.55 $ 0.42
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Diluted Earnings (a):
Net income $ 13,560 $ 13,509 $ 51,000 $ 38,578
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Shares
Weighted average number of common
shares outstanding 93,345 92,160 92,992 91,972
Additional shares assuming conversion of
stock options and stock warrants (b) 772 - 630 -
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Weighted average common shares outstanding,
as adjusted 94,117 92,160 93,622 91,972
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Diluted earnings per common share $ 0.14 $ 0.15 $ 0.54 $ 0.42
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(a) The $345.0 million of Convertible Debentures which are convertible into
8.7 million shares at $39.60 per share were outstanding during the three
and nine months ended September 30, 2001 and 2000, but were not included
in the computation of diluted EPS because the impact was anti-dilutive.
(b) During the three and nine months ended September 30, 2001 and 2000, the
anti-dilutive effect associated with options and warrants were excluded
from the computation of diluted earnings per share, since the exercise
price of these options and warrants was greater than the average market
price of the Company's common stock during these periods. The total
anti-dilutive options and warrants excluded for the quarters ended
September 30, 2001 and 2000 were 3,803 and 9,699, respectively. Further,
3,798 and 7,483 anti-dilutive options and warrants were excluded from the
year-to-date September 30, 2001 and 2000 periods, respectively.