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EXHIBIT 11
NCS HEALTHCARE, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
Three Months Ended Nine Months Ended
March 31, March 31,
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1997 1996 1997 1996
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Net income (loss) used in calculation of primary
earnings per share $ 3,091 $ 1,121 $ 7,890 $ 797
Add impact of assumed conversion of
subordinated debentures 71 123 212 293
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Net income (loss) used in calculation of fully
diluted earnings per share $ 3,162 $ 1,244 $ 8,102 $ 1,090
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Weighted average common shares outstanding 17,257 9,544 15,496 7,235
Net effect of dilutive stock options -- Note A 184 141 186 619
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Shares used in calculation of primary earnings
per share 17,441 9,685 15,682 7,854
Add impact of assumed conversion of
subordinated debentures 627 1,005 625 835
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Shares used in calculation of fully diluted
earnings per share 18,068 10,690 16,307 8,689
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Primary net income (loss) per share $ 0.18 $ 0.12 $ 0.50 $ 0.10
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Fully diluted net income (loss) per share--
Note B $ 0.18 $ 0.12 $ 0.50 $ 0.13
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<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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