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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,
1997 1996 1995
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BASIC EARNINGS
Net income $55,705 $43,450 $24,760
Other 5 (23) (28)
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Income available to common stockholders $55,710 $43,427 $24,732
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Shares
Weighted average number of common
shares outstanding 80,144 65,298 52,396
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Basic earnings per common share $ 0.70 $ 0.67 $ 0.47
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DILUTED EARNINGS
Net income $55,705 $43,450 $24,760
Other 5 (23) (28)
Aftertax interest expense related to 5-3/4%
convertible subordinated debentures - 2,266 3,209
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Diluted net income $55,710 $45,693 $27,941
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Shares
Weighted average number of common
shares outstanding 80,144 65,298 52,396
Additional shares assuming conversion of:
Stock options and stock warrants 159 2,075 1,530
Convertible subordinated debentures - 7,949 11,148
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Average common shares outstanding and
equivalents as adjusted 80,303 75,322 65,074
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Diluted earnings per common share $ 0.69 $ 0.61 $ 0.43
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* The earnings per share data and related average number of shares outstanding
has been restated with the Company's required adoption of Statement of
Financial Accounting Standard No. 128, "Earnings per Share."