Exhibit 11

Noven Pharmaceuticals, Inc.
Computation of Earnings per Share
(in thousands except per share amounts)

	2006		2005		2004
Basic earnings:
Net income	$	15,988	$	9,972	$	11,224
Weighted average number of common shares outstanding		23,807		23,566		23,332
Basic earnings per share	$	0.67	$	0.42	$	0.48
Diluted earnings:
Net income	$	15,988	$	9,972	$	11,224
Weighted average number of common shares outstanding		23,807		23,566		23,332
Potential dilution on exercise of stock options/SSARs		445		415		973
Weighted average number of common shares outstanding, as adjusted		24,252		23,981		24,305
Diluted earnings per share	$	0.66	$	0.42	$	0.46