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EXHIBIT 11
ARBOR DRUGS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
October 31,
(In Thousands) ------------------
1994 1993
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A. Net Income (a) $ 4,709 $ 4,006
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Weighted average number of
common shares outstanding (a) 16,343 16,244
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 173 123
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B. Average number of common
shares and common
equivalent shares for
primary earnings per share 16,517 16,367
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Weighted average number of common
shares outstanding (a) 16,343 16,244
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 207 177
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C. Common shares,
assuming full
dilution 16,550 16,421
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Primary earnings per
share A (b) $ .29 $ .24
B ======= =======
Fully diluted earnings
per share A (b) $ .28 $ .24
C ======= =======
(a) These amounts agree with the related amounts in the Condensed Consolidated
Statements of Income.
(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.
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