<PAGE>   1






                                                                      EXHIBIT 11

                  FOXMEYER HEALTH CORPORATION AND SUBSIDIARIES
               COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
                     (In thousands, except per share data)

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
                                                                                   For the three months    
                                                                                          ended            
                                                                                       December 31,        
                                                                                ---------------------------
                                                                                                           
                                                                                   1995            1994    
-----------------------------------------------------------------------------------------------------------
 <S>                                                                            <C>             <C>        
 PRIMARY                                                                                                   
 INCOME (LOSS) FROM CONTINUING OPERATIONS                                                                  
    Income (loss) from continuing operations                                    $(40,222)       $15,215   
    Deduct dividends on preferred shares                                           5,494          4,726    
                                                                                --------        -------                   
    Income (loss) from continuing operations applicable to stockholders         $(45,716)       $10,489   
                                                                                ========        =======                   

 LOSS FROM DISCONTINUED OPERATIONS                                                                         
    Loss from discontinued operations                                           $      -        $  (515)
                                                                                ========        =======

 SHARES                                                                                                    
    Weighted average number of common shares outstanding                          17,561         16,615     
                                                                                ========        =======
    Income (loss) from continuing operations                                    $  (2.60)       $  0.63    
    Loss from discontinued operations                                                  -          (0.03)   
                                                                                --------        -------                   
    Net income (loss)                                                           $  (2.60)       $  0.60   
                                                                                ========        =======                   
                                                                                                           
 ASSUMING FULL DILUTION                                                                                    
 INCOME (LOSS) FROM CONTINUING OPERATIONS                                                                  
    Income (loss) from continuing operations                                    $(40,222)       $15,215  
    Dividends on non-convertible preferred shares                                  4,449          3,571    
    Dividends on convertible preferred shares (conversion of preferred                                     
    shares would be anti-dilutive)                                                 1,045          1,155  
                                                                                --------        -------                   
    Income (loss) from continuing operations applicable to common                                         
    stockholders                                                                $(45,716)       $10,489                      
                                                                                ========        =======    
 LOSS FROM DISCONTINUED OPERATIONS                                                                         
    Loss from discontinued operations                                           $      -        $  (515)  
                                                                                --------        -------                   
 SHARES                                                                                                    
    Weighted average number of common shares outstanding                          17,561         16,615  
    Conversion of preferred stock (anti-dilutive)                                      -              -         
    Additional dilutive effect of outstanding options (as determined                                            
       by the treasury stock method)                                                  92              1               
    Assuming conversion of National Steel Corporation 4 5/8%                                                   
          convertible debentures                                                       -              -         
                                                                                --------        -------                   
    Weighted average number of common shares outstanding as adjusted              17,653         16,616     
                                                                                ========        =======                   
    Income (loss) from continuing operations                                    $  (2.59)       $  0.63   
    Loss from discontinued operations                                                  -          (0.03)    
                                                                                --------        -------                   
    Net income (loss)**                                                         $  (2.59)       $  0.60  
                                                                                ========        =======                   
                                                                                                           
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
                                                                                For the nine months ended
                                                                                       December 31,
                                                                              -----------------------------
                                                                                1995            1994
 <S>                                                                          <C>             <C>
 PRIMARY                                                                 
 INCOME (LOSS) FROM CONTINUING OPERATIONS                                     
    Income (loss) from continuing operations                                  $(24,583)       $27,412
    Deduct dividends on preferred shares                                        16,099         14,221
                                                                              --------        -------
    Income (loss) from continuing operations applicable to stockholders       $(40,682)       $13,191
                                                                              ========        =======               
 LOSS FROM DISCONTINUED OPERATIONS                                       
    Loss from discontinued operations                                         $ (1,317)       $  (814)
                                                                              ========        =======               
 SHARES                                                                  
    Weighted average number of common shares outstanding                        17,160         14,187 
                                                                              ========        =======
    Income (loss) from continuing operations                                  $  (2.37)       $  0.93
    Loss from discontinued operations                                            (0.08)         (0.06)
                                                                              --------        -------            
    Net income (loss)                                                         $  (2.45)       $  0.87
                                                                              ========        =======

                                                                                                 
 ASSUMING FULL DILUTION                                                  
 INCOME (LOSS) FROM CONTINUING OPERATIONS                                     
    Income (loss) from continuing operations                                  $(24,583)       $27,412
    Dividends on non-convertible preferred shares                               12,964         10,756
    Dividends on convertible preferred shares (conversion of preferred        
      shares would be anti-dilutive)                                             3,135          3,465  
                                                                              --------        ------- 
    Income (loss) from continuing operations applicable to common             
      stockholders                                                            $(40,682)       $13,191
                                                                              ========        =======
                                                                         
 LOSS FROM DISCONTINUED OPERATIONS                                       
    Loss from discontinued operations                                         $ (1,317)       $  (814)
                                                                              ========        =======     
                                                                         
 SHARES                                                                  
    Weighted average number of common shares outstanding                        17,160         14,187
    Conversion of preferred stock (anti-dilutive)                                    -              -         
    Additional dilutive effect of outstanding options (as determined                 
      by the treasury stock method)                                                459              3
    Assuming conversion of National Steel Corporation 4 5/8%                 
      convertible debentures                                                         -             13
                                                                              --------        ------- 
    Weighted average number of common shares outstanding as adjusted            17,619         14,203
                                                                              
                                                                              ========        =======     
    Income (loss) from continuing operations                                  $  (2.31)       $  0.93
    Loss from discontinued operations                                            (0.07)         (0.06)
                                                                              --------        ------- 
    Net income (loss)**                                                       $  (2.38)       $  0.87
                                                                              ========        =======            
</TABLE>

**  This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion
No. 15 because it results in dilution of less than 3%.