<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>3
<FILENAME>k71473exv11.txt
<DESCRIPTION>COMPUTATION OF EARNINGS PER SHARE
<TEXT>
<PAGE>


                                                                      EXHIBIT 11
                        COMPUTATION OF EARNINGS PER SHARE


                       LANNETT COMPANY, INC AND SUBSIDIARY

                      STATEMENT RE COMPUTATION OF EARNINGS
                                    PER SHARE

<TABLE>
<CAPTION>
                                                  YEAR ENDED JUNE 30                       YEAR ENDED JUNE 30
                                               2001                 2001                 2000             2000
                                            ---------------------------------------------------------------------
                                                          Net Income Shares Net Income Shares
<S>                                         <C>                     <C>               <C>              <C>
Basic earnings per share factors            $1,829,915              13,206,128        $1,044,969       13,206,128

Effect of potentially dilutive
option plans and debentures:

Employee stock options
                                            ---------------------------------------------------------------------


Diluted earnings per share factors          $1,829,915              13,206,128        $1,044,969       13,206,128
                                            ----------              ----------        ----------       ----------


Basic earnings per share                    $    0.14                                 $     0.08

Diluted earnings per share                  $    0.14                                 $     0.08
</TABLE>


                                       40

</TEXT>
</DOCUMENT>