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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
LANNETT COMPANY, INC AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED MARCH 31
2004 2004 2003 2003
---------- ---------- ---------- ----------
Net Income Shares Net Income Shares
Basic earnings per share factors $3,198,398 20,058,753 $3,255,633 19,985,031
Effect of potentially dilutive
option plans and debentures:
Employee stock options 207,080 132,764
---------- ---------- ---------- ----------
Diluted earnings per share factors $3,198,398 20,265,833 $3,255,633 20,117,795
========== ========== ========== ==========
Basic earnings per share $ 0.16 $ 0.16
Diluted earnings per share $ 0.16 $ 0.16
Options to purchase 7,775 shares, 10,001 shares, 42,125 shares, 280,203 shares,
33,125 shares, 7,500 shares and 171,000 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,
$18.72 per share and $17.36 per share respectively, were outstanding at March
31, 2004. Of these options, 373,229 shares were included in the calculation of
outstanding shares for the purpose of calculating diluted earnings per share.
Options to purchase 15,900 shares, 10,001 shares, 50,625 shares, 292,755 shares,
and 40,815 shares, of common stock at $0.75 per share, $2.30 per share, $4.63
per share, $7.97 per share and $11.27 per share respectively, were outstanding
at March 31, 2003. Of these options, 369,281 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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LANNETT COMPANY, INC AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
NINE MONTHS ENDED MARCH 31
2004 2004 2003 2003
----------- ---------- ---------- ----------
Net Income Shares Net Income Shares
Basic earnings per share factors $10,455,330 20,049,647 $8,570,198 19,948,870
Effect of potentially dilutive
option plans and debentures:
Employee stock options 213,499 132,764
----------- ---------- ---------- ----------
Diluted earnings per share factors $10,455,330 20,263,146 $8,570,198 20,081,634
=========== ========== ========== ==========
Basic earnings per share $ 0.52 $ 0.43
Diluted earnings per share $ 0.52 $ 0.43
Options to purchase 7,775 shares, 10,001 shares, 42,125 shares, 280,203 shares
and 33,125 shares, 7,500 shares and 171,000 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,
$18.72 per share and $17.36 per share respectively, were outstanding at March
31, 2004. Of these options, 544,229 shares were included in the calculation of
outstanding shares for the purpose of calculating diluted earnings per share.
Options to purchase 15,900 shares, 10,001 shares, 50,625 shares, 292,755 shares,
and 40,815 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 respectively, were outstanding at
March 31, 2003. Of these options, 369,281 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.
36