MYCOGEN CORPORATION EXHIBIT 11 STATEMENTS RE COMPUTATION OF PER SHARE EARNINGS (Amounts in thousands, except per share data) Three months ended Six months ended February 28, February 29, February 28, February 29, 1997 1996 1997 1996 -------------- ------------- ------------- ------------- Net income (loss) applicable to common shares..... $ 2,683 $ (24,544) $ (7,545) $ (32,340) ============== ============= ============= ============= Weighted average number of shares outstanding: Average common shares............................ 30,828 24,426 30,768 21,937 Stock option equivalent shares.................... 2,308 - (1) - (1) - (1) -------------- ------------- ------------- ------------- Average common shares for computation of primary net income (loss) per common share... 33,136 24,426 30,768 21,937 Additional stock option equivalent shares.......................................... 418 - (1) - (1) - (1) -------------- ------------- ------------- ------------- Average shares for computation of net income (loss) per common share assuming full dilution........................................ 33,554 24,426 30,768 21,937 ============== ============= ============= ============= Net income (loss) per common share: Primary......................................... $ .08 $ (1.00) $ (.25) $ (1.47) ============== ============= ============= ============= Assuming full dilution.......................... $ .08 $ (1.00) $ (.25) $ (1.47) ============== ============= ============= ============= (1) Additional shares from stock option equivalents were not included in the calculation of net loss per common share as the effect was antidilutive.