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, ------------------------- ------------------------ 1998* 1997 1998* 1997 -------- -------- -------- -------- Basic Earnings Income from continuing operations $ 25,740 $ 11,396 $ 54,252 $ 37,389 Loss from discontinued operations - - - (2,154) -------- -------- -------- -------- Net income $ 25,740 $ 11,396 $ 54,252 $ 35,235 ======== ======== ======== ======== Shares Weighted average number of common shares outstanding 89,493 86,381 88,815 85,196 ======== ======== ======== ======== Basic earnings per common share Income from continuing operations $ 0.29 $ 0.13 $ 0.61 $ 0.44 Loss from discontinued operations - - - (0.03) -------- -------- -------- -------- Net income $ 0.29 $ 0.13 $ 0.61 $ 0.41 ======== ======== ======== ======== Diluted Earnings Income from continuing operations $ 25,740 $ 11,396 $ 54,252 $ 37,389 Loss from discontinued operations - - - (2,154) -------- -------- -------- -------- Net income $ 25,740 $ 11,396 $ 54,252 $ 35,235 ======== ======== ======== ======== Shares Weighted average number of common shares outstanding 89,493 86,381 88,815 85,196 Additional shares assuming conversion of stock options and stock warrants 561 1,055 832 1,050 -------- -------- -------- -------- Average common shares outstanding as adjusted 90,054 87,436 89,647 86,246 ======== ======== ======== ======== Diluted earnings per common share Income from continuing operations $ 0.29 $ 0.13 $ 0.61 $ 0.43 Loss from discontinued operations - - - (0.02) -------- -------- -------- -------- Net income $ 0.29 $ 0.13 $ 0.61 $ 0.41 ======== ======== ======== ======== * 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 nine months ended September 30, 1998 but were not included in the computation of diluted EPS because the impact was anti-dilutive.