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EXHIBIT 11
CAMBREX CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER-SHARE DATA)
YEARS ENDED DECEMBER 31,
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1994 1993 1992 1991(1) 1990(1)
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Income applicable to common shares:
Primary earnings....................... $ 11,126 $ 8,641 $ 6,230 $ 31 $(5,075)
Add:
Interest reduction attributable to
assumed conversion of convertible
subordinated notes (Net of taxes)
Notes issued June 11, 1985........... -- 71 136 -- --
Notes issued October 3, 1985......... -- 43 81 -- --
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Fully diluted earnings (loss)..... $ 11,126 $ 8,755 $ 6,447 $ 31 $(5,075)
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Weighted average number of common shares and
common share equivalents outstanding
during the year:
Common stock........................... 5,250 4,961 4,753 4,655 4,705
Nonvoting Common stock................. -- -- -- -- 113
Stock options.......................... 424 321 135 49 --
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Shares outstanding -- primary.......... 5,674 5,282 4,888 4,704 4,818
Notes issued June 11, 1985................ -- 122 198 -- --
Notes issued October 3, 1985.............. -- 73 120 -- --
Additional stock options.................. 25 7 36 34 --
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Shares outstanding -- fully diluted.... 5,699 5,484 5,242 4,738 4,818
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Fully diluted earnings (loss) per
common share(2)...................... $ 1.95 $ 1.60 $ 1.23 $ 0.01 $ (1.05)
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(1) The convertible subordinated notes and the related interest, net of income
taxes, had an anti-dilutive effect on earnings per share for the years ended
December 31, 1991 and 1990 and are, therefore, excluded from the
computation.
(2) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
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