EXHIBIT 11 MYCOGEN CORPORATION EXHIBIT 11 STATEMENTS RE COMPUTATION OF PER SHARE EARNINGS (Amounts in thousands, except per share data) THREE MONTHS ENDED MAY 31, NINE MONTHS ENDED MAY 31, 1996 1995 1996 1995 -------- -------- -------- -------- Net income (loss)..................................... $ 3,521 $ 7,339 $(28,241) $ (515) Dividends on preferred stock.......................... - (378) (578) (1,120) ------- ------- -------- ------- Net income (loss) applicable to common shares......... 3,521 6,961 (28,819) (1,635) Adjustment for dividends on preferred stock........... - 378 -(1) -(1) ------- ------- -------- ------- Net income (loss) for computation assuming full dilution....................................... $ 3,521 $ 7,339 $(28,819) $(1,635) ======= ======= ======== ======= Weighted average number of shares outstanding: Average common shares................................. 30,575 19,308 24,816 19,182 Stock option equivalent shares........................ 1,759 -(2) -(2) -(2) ------- ------- -------- ------- Average common shares for computation of primary net income (loss) per common share....... 32,334 19,308 24,816 19,182 Additional stock option equivalent shares............. 81 315 -(2) -(2) Conversion of preferred shares........................ - 1,661 -(1) -(1) ------- ------- -------- ------- Average shares for computation of net income (loss) per common share assuming full dilution............. 32,415 21,284 24,816 19,182 ======= ======= ======== ======= Net income (loss) per common share: Primary............................................. $ .11 $ .36 $ (1.16) $ (.09) ======= ======= ======= ======= Assuming full dilution.............................. $ .11 $ .34 $ (1.16) $ (.09) ======= ======= ======= ======= (1) Additional shares from the conversion of preferred stock and respective adjustments for preferred stock dividends were not included in the calculation assuming full dilution where the effect was antidilutive or the dilutive effect was less than 3%. (2) Additional shares from stock option equivalents were not included in the calculation of net income (loss) per common share where the effect was antidilutive or the dilutive effect was less than 3%.