1 Exhibit 11 Omnicare, Inc. and Subsidiary Companies Computation of Earnings Per Common Share (in thousands, except per share data) Three Months Ended March 31, -------------------- 1996 1995 -------- -------- Primary Earnings Net income $ 8,129 $ 5,251 Other (6) (1) -------- -------- Net income as adjusted $ 8,123 $ 5,250 ======== ======== Shares Weighted average number of common shares outstanding 26,863 25,968 Additional shares assuming conversion of stock options and stock warrants 1,061 634 -------- -------- Average common shares outstanding and equivalents as adjusted 27,924 26,602 -------- -------- Primary earnings per common share $ 0.29 $ 0.20 ======== ======== Fully Diluted Earnings Net income $ 8,129 $ 5,251 Aftertax interest expense related to 5 3/4% convertible subordinated debentures 798 803 Other (6) (1) -------- -------- Net income as adjusted $ 8,921 $ 6,053 ======== ======== Shares Weighted average number of common shares outstanding 26,863 25,968 Additional shares assuming conversion of: Stock options and stock warrants 1,131 727 Convertible subordinated debentures 5,555 5,576 -------- -------- Average common shares outstanding and equivalents as adjusted 33,549 32,271 -------- -------- Fully diluted earnings per common share $ 0.27 $ 0.19 ======== ======== -11-