EXHIBIT 11
<TABLE>


                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                         Earnings Per Share Calculation
                           Primary Earnings Per Share

<CAPTION>

                                                                         For the Three Months Ended

                                                                      06/30/97                    06/30/96
                                                                      --------                    --------
<S>                                                                <C>                         <C>         
Net income                                                         $  1,840,867                $  1,285,399
Less dividends on preferred stock                                      (105,438)                   (105,438)
                                                                    -----------               ------------- 
Income Attributed to Common Stock                                  $  1,735,429                 $ 1,179,961
                                                                   ============                 ===========
Average Number of Common Shares and Common Share
    Equivalents Outstanding:
Average common shares outstanding                                    12,043,584                  11,823,627

Common share equivalents (after application of
    treasury stock method)                                              351,831                     462,085
                                                                   ------------                ------------

Average Common Shares and Common Share Equivalents
    Outstanding                                                      12,395,415                  12,285,712
                                                                     ===========                 ==========

Primary Income per Share (1)                                           $0.14                     $0.10
                                                                       =====                     =====

<FN>
(1)  The two-class  method for Class A and Class B Common Stock is not presented
     because the earnings per share are  equivalent  to the if converted  method
     since  dividends  were not  declared or paid and each class of common stock
     has equal ownership of the Company.
</FN>
</TABLE>
<PAGE>
<TABLE>
                                   EXHIBIT 11

                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                         Earnings Per Share Calculation
                        Fully-Diluted Earnings Per Share

<CAPTION>

                                                                                For the Three Months Ended

                                                                              06/30/97                06/30/96
                                                                              --------                --------

<S>                                                                          <C>                       <C>        
Net income                                                                   $ 1,840,867               $ 1,285,399
Less dividends on preferred stock                                               (105,438)                 (105,438)
Plus dividends not payable due to preferred stock conversion
                                                                                 105,438                   105,438
                                                                             -----------               -----------
Income Attributed to Common Stock                                            $ 1,840,867               $ 1,285,399
                                                                             ===========               ===========

Average Number of Shares Outstanding on a Fully- Diluted
    Basis:
Average common shares outstanding                                             12,043,584                11,823,627

Common share equivalents (after application of treasury stock method):
Shares issuable upon conversion of stock options                                 373,457                   472,136
Common equivalent shares for preferred stock                                     602,500                   602,500
                                                                              ----------               -----------
Average Number of Shares Outstanding on a Fully-Diluted Basis
                                                                              13,019,541                12,898,263
                                                                              ==========                ==========

Fully-Diluted Income per Share (1) (2)                                          $0.14                   $ 0.10
                                                                                =====                   ======


<FN>
(1)      The  two-class  method  for  Class A and  Class B  Common  Stock is not
         presented  because  the  earnings  per share are  equivalent  to the if
         converted  method  since  dividends  were not declared or paid and each
         class of common stock has equal ownership of the Company.

(2)      This  calculation is submitted  although it is contrary to Paragraph 40
         of APB Opinion No. 15 as it produces an anti-dilutive result. Also, the
         preferred stock would not qualify as a common share equivalent  because
         the  cash  yield  at  issuance  was not  less  than 66 2/3% of the then
         current average Aa corporate bond yield.
</FN>
</TABLE>