EX-11 3 k80633exv11.txt COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS LANNETT COMPANY, INC AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED SEPTEMBER 30 2003 2003 2002 2002 ---------------------------------------------------------------------- Net Income Shares Net Income Shares Basic earnings per share factors $3,424,385 20,040,102 $2,551,653 19,905,904 Effect of potentially dilutive option plans and debentures: Employee stock options 227,416 132,977 ---------------------------------------------------- Diluted earnings per share factors $3,424,385 20,267,518 $2,551,653 20,038,881 ---------- ---------- ---------- ---------- Basic earnings per share $ 0.17 $ 0.13 Diluted earnings per share $ 0.17 $ 0.13
Options to purchase 13,759 shares, 10,001 shares, 47,625 shares, 280,203 shares, 40,815 shares and 7,500 shares of common stock at $0.75 per share, $2.30 per share, $4.63 per share, $7.97 per share, $11.27 per share and $18.72 per share respectively, were outstanding at September 30, 2003. Of these options, 392,403 shares were included in the calculation of outstanding shares for the purpose of calculating diluted earnings per share. Options to purchase 23,753 shares, 55,284 shares, 45,000 shares, 15,000 shares, 1,125 shares, and 57,750 shares of common stock at $0.53 per share, $0.75 per share, $0.92 per share, $2.30 per share, $2.52 per share, and $4.63 per share respectively, were outstanding at September 30, 2002. Of these options, 141,812 shares were included in the calculation of outstanding shares for the purpose of calculating diluted earnings per share. NOTE: ALL SHARE AMOUNTS HAVE BEEN RESTATED TO REFLECT A 3 FOR 2 STOCK SPLIT, EFFECTIVE FEBRUARY 14, 2003. 21