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EXHIBIT 11
Omnicare, Inc. and Subsidiary Companies
Computation of Earnings Per Common Share
(in thousands, except per share data)
For the years ended December 31,
1996 1995 1994
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PRIMARY EARNINGS*
Net income $43,450 $24,760 $13,531
Aftertax expense related to preferred stock
dividend payable to minority interest in
subsidiary 10 10 -
Minority interest in net income of subsidiary (33) (38) -
------- ------- -------
Primary net income $43,427 $24,732 $13,531
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Shares
Weighted average number of common
shares outstanding 65,298 52,396 44,958
Additional shares assuming conversion of:
Stock options and stock warrants 2,090 1,530 688
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Average common shares outstanding and
equivalents as adjusted 67,388 53,926 45,646
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Primary earnings per common share $ .64 $ .46 $ .30
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FULLY DILUTED EARNINGS
Net income $43,450 $24,760 $13,531
Aftertax expense related to preferred stock
dividend payable to minority interest in
subsidiary 10 10 -
Minority interest in net income of subsidiary (33) (38) -
Aftertax interest expense related to
5-3/4% convertible subordinated debentures 2,266 3,209 3,218
------- ------- -------
Fully diluted net income $45,693 $27,941 $16,749
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Shares
Weighted average number of common
shares outstanding 65,298 52,396 44,958
Additional shares assuming conversion of:
Stock options and stock warrants 2,182 1,740 748
Convertible subordinated debentures 7,949 11,148 11,152
------ ------ ------
Average common shares outstanding and
equivalents as adjusted 75,429 65,284 56,858
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Fully diluted earnings per common share $ .61 $ .43 $ .30
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<FN>
*This calculation is submitted in accordance with Regulation S-K Item
601(b)(11)although not required by APB Opinion No. 15 because it results in
dilution of less than 3%.
E-96