1 EXHIBIT NO. 11 GOLDEN PHARMACEUTICALS, INC. STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Nine months Ended ----------------- May 31, 1997 1996 ------------- ----------------- Shares of common stock and equivalents outstanding at beginning of period 121,086,155 105,607,852 Weighted-average shares or equivalents issued during the period 576,724 2,342,211 Weighted-average shares or equivalents canceled during the period - (134,149) Weighted-average shares assumed issued under stock option plans during the period 0 4,800,000 ----------- ------------ Average common and common stock equivalents outstanding 121,662,879 112,615,914 ============ ============ Income before minority interest $4,525,275 $(400,845) Minority interest (67,733) 0 ------------ ------------ Net Income $ 4,455,112 $ (400,845) ============ ============ Earnings per share: Income before minority interest $ .037 $ * Minority interest * * ------------ Earnings per share $ .037 $ * ============ ============ * Less than $.01 per share