TECHNE CORPORATION CALCULATION OF BASIC EARNINGS PER SHARE Year ended June 30, ------------------- 1999 1998 1997 ----------- ----------- ----------- Net earnings $16,656,010 $15,182,961 $10,881,662 =========== =========== =========== Weighted average number of common shares 20,117,367 18,952,968 18,910,608 =========== =========== =========== Net earnings per share $ 0.83 $ 0.80 $ 0.58 =========== =========== =========== CALCULATION OF DILUTED EARNINGS PER SHARE Year ended June 30, ------------------- 1999 1998 1997 ----------- ----------- ----------- Net earnings $16,656,010 $15,182,961 $10,881,662 =========== =========== =========== Weighted average number of common shares 20,117,367 18,952,968 18,910,608 Dilutive effect of stock options and warrants 569,308 654,662 551,924 ----------- ----------- ----------- Average common and dilutive shares outstanding 20,686,675 19,607,630 19,462,532 =========== =========== =========== Net earnings per share $ 0.81 $ 0.77 $ 0.56 =========== =========== ===========