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EXHIBIT 11
NCS HEALTHCARE, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE INFORMATION)
Three Months Ended Six Months Ended
December 31, December 31,
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1996 1995 1996 1995
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Net income (loss) used in calculation of primary
earnings per share $ 2,889 $ 725 $ 4,799 $ (324)
Add impact of assumed conversion of
subordinated debentures 71 124 142 170
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Net income (loss) used in calculation of fully
diluted earnings per share $ 2,960 $ 849 $ 4,941 $ (154)
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Weighted average common shares outstanding 16,829 6,177 14,618 6,082
Net effect of dilutive stock options -- Note A 187 772 187 859
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Shares used in calculation of primary earnings
per share 17,016 6,949 14,805 6,941
Add impact of assumed conversion of
subordinated debentures 649 1,035 649 728
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Shares used in calculation of fully diluted
earnings per share 17,665 7,984 15,454 7,669
======= ====== ======= =======
Primary net income (loss) per share $ 0.17 $ 0.10 $ 0.32 $ (0.05)
======= ====== ======= =======
Fully diluted net income (loss) per share--
Note B $ 0.17 $ 0.11 $ 0.32 $ (0.02)
======= ====== ======= =======
<FN>
NOTE A -- Stock options granted within a twelve-month period
preceding the Company's initial public offering in February
1996 are included as if they were outstanding for all periods
presented. The dilutive effect of all options outstanding was
calculated using the treasury stock method.
NOTE B -- Fully dilutive net income (loss) per share has not been
presented in the Condensed Consolidated Statements of Income
because the effect is either immaterial or anti-dilutive.
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