EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
LANNETT COMPANY, INC. AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
2005 2004 2003
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NET (LOSS)/INCOME SHARES NET INCOME SHARES NET INCOME SHARES
(NUMERATOR) (DENOMINATOR) (NUMERATOR) (DENOMINATOR) (NUMERATOR) (DENOMINATOR)
Basic (loss)/earnings per share factors $ (32,779,596) 24,097,472 $ 13,215,454 20,831,750 $ 11,666,887 19,968,633
Effect of potentially dilutive option
plans 222,194 152,681
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Diluted (loss)/earnings per share factors $ (32,779,596) 24,191,578 $ 13,215,454 21,053,944 $ 11,666,887 20,121,314
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Basic (loss)/earnings per share $ (1.36) $ 0.63 $ 0.58
Diluted (loss)/earnings per share $ (1.36) $ 0.63 $ 0.58
Dilutive shares have been excluded in the weighted average shares used for the
calculation of earnings per share in periods of net loss because the effect of
such securities would be anti-dilutive. The number of anti-dilutive weighted
average shares that have been excluded in the computation of diluted earnings
per share for the year ended June 30, 2005, 2004 and 2003 were 857,108, 178,500,
and 0, respectively.
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