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EXHIBIT 11
PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER SHARE
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
THREE MONTHS ENDED
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SEPTEMBER 30, SEPTEMBER 30,
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1996 1995
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PRIMARY INCOME PER SHARE
Common shares outstanding 13,186,275 13,085,275
Assumed exercise of certain stock options 21,947 184,460
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13,208,222 13,269,735
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Income from continuing operations (in thousands) $ 227 $ 118
Loss from discontinued operations, net (in thousands) -- (673)
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Net income (loss) (in thousands) $ 227 $ (555)
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Primary income per share continuing $ 0.02 $ 0.01
Primary income (loss) per share discontinued 0.00 (0.05)
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Net income (loss) per share $ 0.02 $ (0.04)
========== ============
FULLY DILUTED INCOME PER SHARE
Common shares outstanding 13,186,275 13,085,275
Assumed exercise of certain stock options 21,947 184,460
Assumed conversion of convertible debentures -- --
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13,208,222 13,269,735
========== ============
Income from continuing operations (in thousands) $ 227 $ 118
Loss from discontinued operations, net (in thousands) -- (673)
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Net income (loss) (in thousands) $ 227 $ (555)
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Fully diluted income per share continuing $ 0.02(1) $ 0.01(1)
Fully diluted income (loss) per share discontinued 0.00 $ (0.05)
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Fully diluted income (loss) per share $ 0.02 $ (0.04)
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1 Convertible debentures have not been assumed converted for the fully
diluted earnings per share as the effect would be anti-dilutive. Had the
convertible debentures been included, the number of shares would have been
increased by 3,450,000 to 16,658,222 and 16,719,735 for the three months
ended September 30, 1996 and 1995, respectively.
As a result of reduced interest expense following conversion, the increase
to net income (or decrease to net loss) would have been $657,700 for the
three months ended September 30, 1996 and 1995, respectively. These
adjustments would have resulted in fully diluted earnings per share of
$0.05 and $0.01 for the three months ended September 30, 1996 and 1995
respectively.
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