EXHIBIT 11
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED JUNE 30,
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1993 1994 1995 1995 1996
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WEIGHTED AVERAGE SHARES OUTSTANDING:
Average common stock outstanding 2,402,534 2,551,946 2,569,641 2,562,399 2,625,241
Net effect of dilutive common stock
equivalents -- based on treasury stock
method using average market price -- -- 548,542 -- 623,044
Issuance of "cheap stock" 35,191 35,191 33,297 35,191 4,358
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Weighted average common and common
equivalent shares outstanding 2,437,725 2,587,137 3,151,477 2,597,590 3,252,643
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ADJUSTED NET INCOME:
Income before extraordinary item 92,586 96,528 102,990 (36,156) 82,869
Extraordinary item -- gain on elimination
of debt, net of income taxes 49,736 -- -- -- --
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Net income 142,322 96,528 102,990 (36,156) 82,869
Add: net reduction of interest on debt, less
40% taxes based on adjusted treasury stock
method -- -- 27,258 -- 20,894
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Adjusted net income for earnings per share
calculation 142,322 96,528 130,248 (36,156) 103,763
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Income (loss) per share 0.06 0.04 0.04 (0.01) 0.03
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1993 1994 1995 1995 1996
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SUPPLEMENTARY EARNINGS PER SHARE DATA: (1)
Weighted average common and common
equivalent shares outstanding 3,151,477 3,252,643
Additional shares to retire debt 448,530 448,530
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Pro forma shares outstanding 3,600,007 3,701,173
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Adjusted net income for earnings per share
calculation 130,248 103,763
Add: interest expense, net of tax benefit 201,539 101,081
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Pro forma adjusted net income for
earnings per share calculation 331,787 204,844
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Pro forma income per share 0.09 0.06
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(1) The pro forma income per share assumes the Offering issues only shares sufficient to retire all outstanding
debt as of January 1, 1995, thereby causing interest expense to be added back to net income, net of tax benefits
using a 40% combined federal and state tax rate.