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GENZYME CORPORATION AND SUBSIDIARIES
EXHIBIT 11 -- COMPUTATION OF WEIGHTED AVERAGE SHARES
USED IN COMPUTING EARNINGS PER SHARE AMOUNTS
FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
1996 1995 1994
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COMMON COMMON COMMON
AND ASSUMING AND ASSUMING AND ASSUMING
COMMON FULL COMMON FULL COMMON FULL
EQUIVALENT EQUIVALENT EQUIVALENT EQUIVALENT EQUIVALENT EQUIVALENT
SHARE DILUTION SHARE DILUTION SHARE DILUTION
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APPLICABLE TO GENERAL DIVISION STOCK (PRO FORMA):
Common stock outstanding, beginning of year............ 62,372 62,372 52,894 52,894 24,292 24,292
Weighted average common stock issued during the year... 5,917 5,917 2,640 4,882 178 178
Weighted average common stock assuming exercise
of options........................................... -- -- 2,756 3,012 546 596
Weighted average common stock assuming exercise
of warrants.......................................... -- -- 2,052 1,153 1,202
Weighted average common stock assuming conversion
of 6 3/4% Convertible Subordinated Notes............. -- -- (A) 3,782 (A) 1,891
------ ------ ------ ------ ------ ------
Weighted average number of shares outstanding.......... 68,289 68,289 60,186 66,622 26,169 28,159
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APPLICABLE TO TR STOCK (PRO FORMA):
Common stock outstanding, beginning of year............ 12,113 8,675 3,279
Weighted average common stock issued during the year... 1,048 984 299
Weighted average common stock assuming exercise
of options........................................... (B) (B) (B)
Weighted average common stock assuming exercise
of warrants.......................................... (B) (B) (B)
Weighted average common stock assuming conversion
of 6 3/4% Convertible Subordinated Notes............. (A) (A) (A)
------ ------ ------
Weighted average number of shares outstanding.......... 13,161 9,659 3,578
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(A) These securities are "other potentially dilutive" securities which effect is
included, to the extent such effect is dilutive, in the determination of
weighted average shares assuming full dilution.
(B) The effect of assumed conversion is antidilutive.