EXHIBIT 11
IVAX CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
Three Months Ended March 31,
---------------------------------
1995 1994
------- -------
PRIMARY EARNINGS PER COMMON SHARE:
Income before extraordinary items $ 23,303 $ 24,968
Extraordinary items 54 (1,648)
-------- --------
$ 23,357 $ 23,320
Net income for primary computation ======== ========
Average number of common and dilutive common equivalent
shares-primary 117,564 117,057
======== ========
Earnings before extraordinary items $.20 $.21
======== ========
Net earnings $.20 $.20
======== ========
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before extraordinary items $ 23,303 $ 24,968
Adjustment for interest expense on 9.00% Convertible Subordinated
Debentures, net of tax 19 20
-------- --------
Adjusted income before extraordinary items for fully diluted
computation 23,322 24,988
Extraordinary items 54 (1,648)
-------- --------
Net income for fully diluted computation $ 23,376 $ 23,340
======== ========
Average number of common and dilutive common equivalent
shares-fully diluted 118,690 117,347
======== ========
Earnings before extraordinary items $.20 $.21
======== ========
Net earnings $.20 $.20
======== ========
AVERAGE NUMBER OF COMMON SHARES AND DILUTIVE
COMMON SHARE EQUIVALENTS
Primary shares:
Average number of common shares outstanding 114,328 104,544
Incremental shares for options and warrants 3,236 4,463
Conversion of pooled company's convertible preferred stock - 8,050
-------- --------
117,564 117,057
======== ========
Fully diluted shares:
Average number of common shares outstanding 114,328 104,544
Incremental shares for options and warrants 4,076 4,467
Conversion of pooled company's convertible preferred stock - 8,050
Conversion equivalent of 9.00% Convertible Subordinated Debentures 286 286
-------- --------
118,690 117,347
======== ========