CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per thousands) EXHIBIT 11
Income Before
Cumulative Effect
of a Change in
Accounting Principle Net Income
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Three Months Ended Three Months Ended
March 31, March 31,
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1994 1993 1994 1993
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Computation of Earnings Per Common
and Common Equivalent Share (a):
- - ----------------------------------
Reported Income $ 5,677 $ 4,078 $ 5,677 $ 5,729
======= ======= ======= =======
Average number of shares used to
compute earnings per common share 9,824 9,766 9,824 9,766
Effect of unexercised stock options 59 37 59 37
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Average number of shares used to
compute earnings per common
and common equivalent share 9,883 9,803 9,883 9,803
======= ======= ======= =======
Earnings per common and
common equivalent share $ .57 $ .42 $ .57 $ .58
======= ======= ======= =======
Computation of Earnings Per
Common Share Assuming
Full Dilution (a):
- - ---------------------------
Reported Income $ 5,677 $ 4,078 $ 5,677 $ 5,729
======= ======= ======= =======
Average number of shares used to
compute earnings per common share 9,824 9,766 9,824 9,766
Effect of unexercised stock options 61 43 61 43
------- ------- ------- -------
Average number of shares used to
compute earnings per common share
assuming full dilution 9,885 9,809 9,885 9,809
======= ======= ======= =======
Earnings per common share
assuming full dilution $ .57 $ .42 $ .57 $ .58
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<FN>
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(a) This calculation is submitted in accordance with Regulation S-K Item 601 (b) (11)
although it is not required by APB Opinion No. 15 because it results in dilution of less than
3%.
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