MAGELLAN HEALTH SERVICES, INC. AND SUBSIDIARIES EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
March 31, 1995 March 31, 1996 March 31, 1995 March 31, 1996
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(in thousands, except per share data)
Net income(loss) $ (15,100) $ 20,069 $ (14,751) $ 29,817
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Weighted average number of common shares outstanding:
Common shares outstanding 28,332 31,247 27,613 29,612
Stock Options and Rights - 615 - 468
Warrants - 20 - 19
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28,332 31,882 27,613 30,099
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Primary earnings(loss) per share $ (0.53) $ 0.63 $ (0.53) $ 0.99
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Net income(loss) $ (15,100) $ 20,069 $ (14,751) $ 29,817
Adjustments for the assumed conversion of the
Exchange Option:
Minority interest - 811 - 1,082
Amortization - (276) - (341)
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Adjusted net income $ (15,100) $ 20,604 $ (14,751) $ 30,558
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Weighted average number of common shares outstanding:
Common shares outstanding 28,332 31,247 27,613 29,612
Stock Options and Rights - 616 - 505
Warrants - 2,832 - 1,714
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28,332 34,715 27,613 31,851
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Fully diluted earnings(loss) per share $ (0.53) $ 0.59 $ (0.53) $ 0.96
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Note: Common stock equivalents(stock options,rights and warrants) were anti-dilutive for the three months and six months ended
March 31, 1995. Accordingly, they are not presented herein.