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MEDICINE SHOPPE INTERNATIONAL, INC.
EXHIBIT 11 - COMPUTATION OF NET EARNINGS
PER COMMON SHARE (Unaudited)
Quarter Ended Six Months Ended
March 31, March 31,
------------------------- -------------------------
1995 1994 1995 1994
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NET EARNINGS PER SHARE
Net earnings $ 4,080,068 $ 3,615,752 $ 8,145,449 $ 7,165,880
Average number of shares
outstanding during
the period 7,748,775 7,894,222 7,792,878 7,911,440
Net earnings per share $ 0.53 $ 0.46 $ 1.05 $ 0.91
========== ========== ========== ==========
PRIMARY EARNINGS PER SHARE
Net earnings $ 4,080,068 $ 3,615,752 $ 8,145,449 $ 7,165,880
Average number of shares
outstanding during
the period 7,748,775 7,894,222 7,792,878 7,911,440
Plus shares outstanding
considering conversion
of stock options 29,867 0 17,910 0
---------- ---------- ---------- ----------
Average shares for primary
earnings per share 7,778,642 7,894,222 7,810,788 7,911,440
Primary earnings
per share $ 0.52 $ 0.46 $ 1.04 $ 0.91
========== ========== ========== ==========
FULLY DILUTED
EARNINGS PER SHARE
Net earnings $ 4,080,068 $ 3,615,752 $ 8,145,449 $ 7,165,880
Average number of shares
outstanding during
the period 7,748,775 7,894,222 7,792,878 7,911,440
Plus shares outstanding
considering conversion
of stock options 40,530 0 40,530 0
---------- ---------- ---------- ----------
Average shares for fully
diluted earnings
per share 7,789,305 7,894,222 7,833,408 7,911,440
Fully diluted earnings
per share $ 0.52 $ 0.46 $ 1.04 $ 0.91
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