1 Exhibit 11 OMNICARE, INC. AND SUBSIDIARY COMPANIES Computation of Earnings Per Common Share (in thousands, except per share data) Three Months Ended March 31, ---------------------- 1998* 1997 ------- ------- Basic Earnings Net income $19,349 $13,443 Other -- 4 ------- ------- Net income as adjusted $19,349 $13,447 ======= ======= Shares Weighted average number of common shares outstanding 82,439 78,065 ======= ======= Basic earnings per common share $ 0.23 $ 0.17 ======= ======= Diluted Earnings Net income $19,349 $13,443 Other -- 4 ------- ------- Net income as adjusted $19,349 $13,447 ======= ======= Shares Weighted average number of common shares outstanding 82,439 78,065 Additional shares assuming conversion of stock options and stock warrants 256 153 ------- ------- Average common shares outstanding and equivalent as adjusted 82,695 78,218 ======= ======= Diluted earnings per common share $ 0.23 $ 0.17 ======= ======= * The $345,000,000 of 5.0% Convertible Subordinated Notes due 2007 that are convertible into 8,712,121 shares at $39.60 per share were outstanding during the quarter ended March 31, 1998, but were not included in the computation of diluted EPS because the impact was anti-dilutive.