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EXHIBIT 11
ARBOR DRUGS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Year Ended
(In thousands, except July 31, July 31,
for per share data) ------------------ ---------------------
1994 1993 1994 1993
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A. Net Income (loss) $ 5,223 ($6,012) $14,080(a) $ 6,909(a)
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Weighted average number
of common shares
outstanding 16,332 16,240 16,284(a) 16,217(a)
Effect of the issuance
of stock options and
assumed exercise of
stock options at prices
which are lower than
the average market
price of the common
shares during the
period, using the
treasury stock method 110 155 129 191
------- ------- ------- -------
B. Average number of
common shares and
common equivalent
shares for primary
earnings per share 16,442 16,395 16,413 16,408
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Weighted average number
of common shares
outstanding 16,332 16,240 16,284(a) 16,217(a)
Effect of the issuance
of stock options and
assumed exercise of
options at prices which
are lower than the
market price of common
stock at end of the
period when such price
is higher than average
market 177 155 182 191
------- ------- ------- -------
C. Common shares,
assuming full
dilution 16,509 16,395 16,466 16,408
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Primary earnings (loss) per
share A $0.32 ($0.37) $0.86 $0.42(b)
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B
Fully diluted earnings (loss)
per share A $0.32 ($0.37) $0.86 $0.42(b)
- ======= ======= ======= =======
C
(a) These amounts agree with the related amounts in the Consolidated
Statements of Income.
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(b) The actual difference between reported earnings per share and
both primary earnings per share and fully diluted earnings per
share is less than $.01, but due to rounding, is shown as
presented.