1
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,
--------------------------- --------------------------
1997 1996 1997 1996
-------- -------- -------- --------
Primary Earnings
Net Income $ 10,837 $ 11,813 $ 39,418 $ 30,338
Other (4) 3 10 (25)
-------- -------- -------- --------
Net income as adjusted $ 10,833 $ 11,816 $ 39,428 $ 30,313
======== ======== ======== ========
Shares
Weighted average number of common
shares outstanding 80,785 65,851 79,675 61,582
Additional shares assuming conversion of
stock options and stock warrants 234 2,105 164 2,148
-------- -------- -------- --------
Average common shares outstanding and
equivalent as adjusted 81,019 67,956 79,839 63,730
======== ======== ======== ========
Primary earnings per common share $ 0.13 * $ 0.17 $ 0.49 * $ 0.48
======== ======== ======== ========
Fully Diluted Earnings
Net income $ 10,837 $ 11,813 $ 39,418 $ 30,338
Aftertax interest expense related to 5 3/4%
convertible subordinated debentures -- 713 -- 2,266
Other (4) 3 10 (25)
-------- -------- -------- --------
Net income as adjusted $ 10,833 $ 12,529 $ 39,428 $ 32,579
======== ======== ======== ========
Shares
Weighted average number of common
shares outstanding 80,785 65,851 79,675 61,582
Additional shares assuming conversion of:
Stock options and stock warrants 339 2,105 263 2,148
Convertible subordinated debentures -- 10,347 -- 10,693
-------- -------- -------- --------
Average common shares outstanding and
equivalent as adjusted 81,124 78,303 79,938 74,423
======== ======== ======== ========
Fully diluted earnings per common share $ 0.13 * $ 0.16 $ 0.49 * $ 0.44
======== ======== ======== ========
<FN>
* The calculations for the three and nine month periods ended September 30, 1997 are 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 since they result in dilution of less
than 3%.