WebMD Health (WBMD) 8-K/A Results of Operations and Financial Condition

Exhibit 99.5

WEBMD HEALTH CORP.
CALCULATION OF NET INCOME (LOSS) PER SHARE
(In thousands, except per share data, unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2010		2009			2010		2009
Numerator:
Income from continuing operations — Basic(a)	$	7,596	$	703		$	3,844	$	509
Interest expense on 1.75% convertible notes, net of tax		592		—			—		—
Effect of dilutive securities of subsidiary		—		(76	)		—		(97	)
Income from continuing operations — Diluted	$	8,188	$	627		$	3,844	$	412
Loss from discontinued operations, net of tax —Basic	$	—	$	(12,380	)	$	—	$	(11,771	)
Effect of dilutive securities of subsidiary		—		53			—		56
Loss from discontinued operations, net of tax —Diluted	$	—	$	(12,327	)	$	—	$	(11,715	)
Denominator:
Weighted-average shares — Basic		53,521		45,599			52,856		45,408
Employee stock options and restricted stock		3,848		1,134			4,416		1,038
1.75% Convertible notes		5,135		—			—		—
Adjusted weighted-average shares after assumed conversions — Diluted		62,504		46,733			57,272		46,446
Basic income (loss) per common share:
Income from continuing operations	$	0.14	$	0.02		$	0.07	$	0.01
Loss from discontinued operations		—		(0.28	)		—		(0.26	)
Net income (loss) attributable to Company stockholders	$	0.14	$	(0.26	)	$	0.07	$	(0.25	)
Diluted income (loss) per common share:
Income from continuing operations	$	0.13	$	0.01		$	0.07	$	0.01
Loss from discontinued operations		—		(0.26	)		—		(0.25	)
Net income (loss) attributable to Company stockholders	$	0.13	$	(0.25	)	$	0.07	$	(0.24	)

(a) Income from continuing operations was adjusted for the effect of participating non-vested restricted stock of $88 and $50 for the three and six months ended June 30, 2010, respectively.