1 Exhibit 11 OMNICARE, INC. AND SUBSIDIARY COMPANIES Computation of Earnings Per Common Share (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 1998* 1997 1998* 1997 -------- -------- -------- -------- Basic Earnings Income from continuing operations $ 8,106 $ 13,721 $ 28,512 $ 25,993 Loss from discontinued operations -- (1,854) -- (2,154) -------- -------- -------- -------- Net income $ 8,106 $ 11,867 $ 28,512 $ 23,839 ======== ======== ======== ======== Shares Weighted average number of common shares outstanding 88,824 85,674 88,466 84,593 ======== ======== ======== ======== Basic earnings per common share Income from continuing operations $ 0.09 $ 0.16 $ 0.32 $ 0.31 Loss from discontinued operations -- (0.02) -- (0.03) -------- -------- -------- -------- Net income $ 0.09 $ 0.14 $ 0.32 $ 0.28 ======== ======== ======== ======== Diluted Earnings Income from continuing operations $ 8,106 $ 13,721 $ 28,512 $ 25,993 Loss from discontinued operations -- (1,854) -- (2,154) -------- -------- -------- -------- Net income $ 8,106 $ 11,867 $ 28,512 $ 23,839 ======== ======== ======== ======== Shares Weighted average number of common shares outstanding 88,824 85,674 88,466 84,593 Additional shares assuming conversion of stock options and stock warrants 1,094 912 1,050 1,043 -------- -------- -------- -------- Average common shares outstanding as adjusted 89,918 86,586 89,516 85,636 ======== ======== ======== ======== Diluted earnings per common share Income from continuing operations $ 0.09 $ 0.16 $ 0.32 $ 0.30 Loss from discontinued operations -- (0.02) -- (0.02) -------- -------- -------- -------- Net income $ 0.09 $ 0.14 $ 0.32 $ 0.28 ======== ======== ======== ======== * 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 three and six months ended June 30, 1998 but were not included in the computation of diluted EPS because the impact was anti-dilutive.