1
EXHIBIT 11
TEXAS BIOTECHNOLOGY CORPORATION
COMPUTATION OF PER SHARE EARNINGS (LOSS)
PRIMARY COMPUTATION
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1997 1996 1997 1996
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Net income (loss) $ 4,119,662 $ (5,630,084) $ (6,821,769) $ (15,982,377)
Applicable common and common stock equivalent shares:
Weighted average shares of common stock
outstanding during the period 26,261,020 24,188,708 25,853,961 23,053,607
Incremental number of shares outstanding during
the period resulting from the assumed exercises
of stock options 678,573 -- -- --
Incremental number of shares outstanding during
the period resulting from the assumed exercises
of warrants 366,362 -- -- --
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Weighted average shares of common stock
and common stock equivalents outstanding
during the period 27,305,955 24,188,708 25,853,961 23,053,607
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Net income (loss) per common share, primary $ 0.15 $ (0.23) $ (0.26) $ (0.69)
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Note: For the three months ended September 30, 1996 and the nine months ended
September 30, 1996 and 1997, shares related to the exercise of stock
options and warrants are not considered as their effect would be
antidilutive.
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EXHIBIT 11
TEXAS BIOTECHNOLOGY CORPORATION
COMPUTATION OF PER SHARE EARNINGS
FULLY DILUTED COMPUTATION
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1997 1996 1997 1996
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Net income before preferred dividend requirement $ 4,416,891 N/A N/A N/A
Applicable common and common stock equivalent shares:
Weighted average shares of common stock
outstanding during the period 26,261,020
Incremental number of shares outstanding during
the period resulting from the assumed exercises
of stock options 769,469
Incremental number of shares outstanding during
the period resulting from the assumed exercises
of warrants 438,318
Incremental number of shares outstanding during
the period resulting from the assumed conversion
of preferred stock 1,008,351
Incremental number of shares outstanding during
the period resulting from the assumed issuance
of contingent stock 285,715
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Weighted average shares of common stock
and common stock equivalents outstanding
during the period 28,762,873 -- -- --
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Net income per common share, fully diluted $ 0.15 N/A N/A N/A
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