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Exhibit 11 OMNICARE, INC. AND SUBSIDIARY COMPANIES
Computation of Earnings Per Common Share
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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Primary Earnings
Net income $11,813 $ 6,935 $30,338 $17,082
Aftertax expense related to preferred
stock dividend payable to minority
interest in subsidiary 3 1 8 7
Minority interest in net income of
subsidiary - (18) (33) (28)
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Net income as adjusted $11,816 $ 6,918 $30,313 $17,061
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Shares
Weighted average number of common
shares outstanding 65,851 52,546 61,582 52,316
Additional shares assuming conversion of:
Stock options and stock warrants 2,105 1,694 2,148 1,394
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Average common shares outstanding and
equivalent as adjusted 67,956 54,240 63,730 53,710
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Primary earnings per common share $ 0.17 $ 0.13 $ 0.48 $ 0.32*
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Fully Diluted Earnings
Net income $11,813 $ 6,935 $30,338 $17,082
Aftertax expense related to preferred stock
dividend payable to minority interest in
subsidiary 3 1 8 7
Minority interest in net income of
subsidiary - (18) (33) (28)
Aftertax interest expense related to 5 3/4%
convertible subordinated debentures 713 802 2,266 2,407
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Net income as adjusted $12,529 $ 7,720 $32,579 $19,468
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Shares
Weighted average number of common
shares outstanding 65,851 52,546 61,582 52,316
Additional shares assuming conversion of:
Stock options and stock warrants 2,105 1,694 2,148 1,394
Convertible subordinated debentures 10,347 11,420 10,693 11,364
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Average common shares outstanding and
equivalents as adjusted 78,303 65,660 74,423 65,074
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Fully diluted earnings per common share $ 0.16 $ 0.12 $ 0.44 $ 0.30
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<FN>
* This calculation is submitted in accordance with Regulation S-K Item
601(b)(11), although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 if it results in dilution of less than 3% or is
anti-dilutive.