EXHIBIT 11
IVAX CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(In thousands, except per share data)
PERIOD ENDED SEPTEMBER 30, THREE MONTHS NINE MONTHS
1996 1995 1996 1995
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PRIMARY EARNINGS (LOSS) PER COMMON SHARE:
Income (loss) before extraordinary items $ (178,669) $ 27,582 $(156,704) $ 79,010
Extraordinary items, net of tax - - (2,073) 34
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Net income (loss) for primary computation $ (178,669) $ 27,582 $(158,777) $ 79,044
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Average number of common and dilutive
common equivalent shares-primary 121,467 119,312 120,774 118,842
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Earnings (loss) before
extraordinary items $ (1.47) $ .23 $ (1.29) $ .67
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Net earnings (loss) $ (1.47) $ .23 $ (1.31) $ .67
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FULLY DILUTED EARNINGS (LOSS) PER
COMMON SHARE:
Income (loss) before extraordinary items $ (178,669) $ 27,582 $(156,704) $ 79,010
Adjustment for interest expense on 9.00%
Convertible Subordinated Debentures,
net of tax - 16 - 57
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Adjusted income (loss) before
extraordinary items for fully
diluted calculation (178,669) 27,598 (156,704) 79,067
Extraordinary items, net of tax - - (2,073) 34
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Net income (loss) for fully
diluted computation $ (178,669) $ 27,598 $(158,777) $ 79,101
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Average number of common and dilutive
common equivalent shares-fully diluted 121,467 120,692 120,774 120,578
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Earnings (loss) before extraordinary
items $ (1.47) $ .23 $ (1.29) $ .66
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Net earnings (loss) $ (1.47) $ .23 $ (1.31) $ .66
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AVERAGE NUMBER OF COMMON SHARES AND
DILUTIVE COMMON SHARES EQUIVALENTS
Primary shares:
Average number of common shares
outstanding 121,467 116,165 120,774 115,468
Incremental shares for options
and warrants - 3,147 - 3,374
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121,467 119,312 120,774 118,842
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Fully diluted shares:
Average number of common shares
outstanding 121,467 116,165 120,774 115,468
Incremental shares for options
and warrants - 4,241 - 4,824
Conversion equivalent of 9.00%
Convertible Subordinated Debentures - 286 - 286
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121,467 120,692 120,774 120,578
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