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.