EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
LANNETT COMPANY, INC AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED SEPTEMBER 30
2003 2003 2002 2002
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Net Income Shares Net Income Shares
Basic earnings per share factors $3,424,385 20,040,102 $2,551,653 19,905,904
Effect of potentially dilutive
option plans and debentures:
Employee stock options 227,416 132,977
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Diluted earnings per share factors $3,424,385 20,267,518 $2,551,653 20,038,881
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Basic earnings per share $ 0.17 $ 0.13
Diluted earnings per share $ 0.17 $ 0.13
Options to purchase 13,759 shares, 10,001 shares, 47,625 shares, 280,203 shares,
40,815 shares and 7,500 shares of common stock at $0.75 per share, $2.30 per
share, $4.63 per share, $7.97 per share, $11.27 per share and $18.72 per share
respectively, were outstanding at September 30, 2003. Of these options, 392,403
shares were included in the calculation of outstanding shares for the purpose of
calculating diluted earnings per share. Options to purchase 23,753 shares,
55,284 shares, 45,000 shares, 15,000 shares, 1,125 shares, and 57,750 shares of
common stock at $0.53 per share, $0.75 per share, $0.92 per share, $2.30 per
share, $2.52 per share, and $4.63 per share respectively, were outstanding at
September 30, 2002. Of these options, 141,812 shares were included in the
calculation of outstanding shares for the purpose of calculating diluted
earnings per share.
NOTE: ALL SHARE AMOUNTS HAVE BEEN RESTATED TO REFLECT A 3 FOR 2 STOCK SPLIT,
EFFECTIVE FEBRUARY 14, 2003.
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