EX-11 3 ex11.txt EXHIBIT 11 COMPUTATION OF EARNINGS Exhibit 11 OMNICARE, INC. AND SUBSIDIARY COMPANIES Computation of Earnings Per Common Share (EPS) (in thousands, except per share data)
Three Months Ended March 31, ------------------------------- 2002 2001 -------------- -------------- Basic Earnings: Net income $28,776 $18,044 ============== ============== Shares Weighted average number of common shares outstanding 93,963 92,422 ============== ============== Basic earnings per common share (c) $ 0.31 $ 0.20 ============== ============== Diluted Earnings (a): Net income $28,776 $18,044 ============== ============== Shares Weighted average number of common shares outstanding 93,963 92,422 Additional shares assuming conversion of stock options and stock warrants (b) 635 748 -------------- -------------- Weighted average common shares outstanding, as adjusted 94,598 93,170 ============== ============== Diluted earnings per common share (c) $ 0.30 $ 0.19 ============== ==============
(a) The $345.0 million of Convertible Debentures which are convertible into 8.7 million shares at $39.60 per share were outstanding during the three months ended March 31, 2002 and 2001, but were not included in the computation of diluted EPS because the impact was anti-dilutive. (b) During the three months ended March 31, 2002 and 2001, the anti-dilutive effect associated with options and warrants were excluded from the computation of diluted earnings per share, since the exercise price of these options and warrants was greater than the average market price of the Company's common stock during these periods. The aggregate anti-dilutive stock options and warrants excluded for the quarter ended March 31, 2002 and 2001 totaled 3.8 million and 3.9 million, respectively. (c) In accordance with the adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets," Omnicare discontinued amortization of goodwill as of January 1, 2002. Accordingly, no goodwill amortization was recorded during the first quarter of 2002. Goodwill amortization in the first quarter of 2001 totaled $8.2 million before taxes ($5.1 million after taxes, or $0.05 per basic and diluted share).