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EXHIBIT 11
PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER SHARE
FOR THE YEARS ENDED JUNE 30, 1995, 1996 AND 1997
1995 1996 1997
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PRIMARY EARNINGS PER SHARE
Common shares outstanding 12,970,571 13,123,998 13,186,564
Assumed exercise of certain stock options 82,821 -- 110,757
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13,053,392 13,123,998 13,297,321
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Income (loss) from continuing operations (in thousands) $ 5,312 $ (709) $ 4,661
Loss from discontinued operations, net (in thousands) (131) (8,915) (9,914)
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Net income (loss) (in thousands) $ 5,181 $ (9,624) $ (5,253)
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Primary income (loss) per share continuing $ 0.41 $ (0.05) $ 0.35
Primary loss per share discontinued (0.01) (0.68) (0.75)
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Net income (loss) per share $ 0.40 $ (0.73) $ (0.40)
=========== =========== ===========
FULLY DILUTED EARNINGS PER SHARE
Common shares outstanding 12,970,571 13,123,998 13,186,564
Assumed exercise of certain stock options 82,821 -- 110,757
Assumed conversion of convertible debentures -- -- --
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13,053,392 13,123,998 13,297,321
=========== =========== ===========
Income (loss) from continuing operations (in thousands) $ 5,312 $ (709) $ 4,661
Loss from discontinued operations, net (in thousands) (131) (8,915) (9,914)
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Net income (loss) (in thousands) 5,181 (9,624) (5,253)
Reduction in interest expense following conversion -- -- --
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Revised net income (loss) (in thousands) $ 5,181 $ (9,624) $ (5,253)
=========== =========== ===========
Fully diluted income (loss) per share continuing $ 0.41 $ (0.05) $ 0.35
Fully diluted loss per share discontinued (0.01) (0.68) (0.75)
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Fully diluted net income (loss) per share $ 0.40 $ (0.73) $ (0.40)(1)
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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 increased by
3,450,000 in 1995, 1996 and 1997.
As a result of reduced interest expense following conversion, the increase
to net income (or decrease to net loss) would have been $2,588,000 in 1995,
1996 and 1997. These adjustments would have resulted in a fully diluted
income (loss) per share of $0.47, $(0.46) and $(0.16) in 1995, 1996 and
1997, respectively.