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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
LANNETT COMPANY, INC AND SUBSIDIARY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30
2000 2000 1999 1999
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Net Income Shares Net Income Shares
<S> <C> <C> <C> <C>
Basic earnings per share factors $582,228 13,206,128 $230,242 5,206,128
Effect of potentially dilutive
option plans and debentures:
Interest on debentures - $ 45,370
Conversion on debentures - 8,632,630
Employee stock options - -
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Diluted earnings per share factors $582,228 13,206,128 $275,612 13,838,758
--------- ---------- -------- ----------
Basic earnings per share $ 0.04 $ 0.04
Diluted earnings per share $ 0.04 $ 0.02
</TABLE>
Options to purchase 136,700 shares, 80,000 shares and 1,550 shares of common
stock at $1.125 per share, $1.38 per share and $3.78 per share, respectively,
were outstanding at September 30, 2000 and June 30, 2000. These options were not
included in the computation of diluted earnings per share because to do so would
be antidilutive. These securities could potentially be dilutive in the future.
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