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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) ------------------ ---------------------
1995 1994 1995 1994
------- ------- ------- -------
A. Net Income $ 5,640 $ 5,223 $23,067(a) $14,078(a)
======= ======= ======= =======
Weighted average number
of common shares
outstanding 24,746 24,498 24,646(a) 24,427(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 421 165 332 194
------- ------- ------- -------
B. Average number of
common shares and
common equivalent
shares for primary
earnings per share 25,167 24,663 24,978 24,621
------- ------- ------- -------
Weighted average number
of common shares
outstanding 24,746 24,498 24,646(a) 24,427(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 price of the common 440 266 443 273
shares during the period, ------- ------- ------- -------
using the treasury stock method.
C. Average number of common
shares and common equivalent
shares for fully diluted
earnings per share. 25.186 24.764 25.089 24.700
======= ======= ======= =======
Primary earnings per
share A $0.22 $ 0.21 $0.92(b) $0.57
- ======= ======= ======= =======
B
Fully diluted earnings
per share A $0.22 $ 0.21 $0.92(b) $0.57
- ======= ======= ======= =======
C
(a) These amounts agree with the related amounts in the 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 $.02, but due to rounding, is shown as
presented.
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