EXHIBIT 11
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Income from Continuing Operations
-----------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
1994 1993 1994 1993
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F1>
Equivalent Share (a):
- - ---------------------------
Reported Income $ 5,681 $ 4,864 $11,358 $ 8,942
======== ======== ======== =======
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 64 36 62 37
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,911 9,806 9,898 9,805
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.57 $ 0.50 $ 1.15 $ 0.91
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F1>
Full Dilution (a):
- - ---------------------------
Reported Income $ 5,681 $ 4,864 $11,358 $ 8,942
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 78 56 78 56
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,925 9,826 9,914 9,824
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.57 $ 0.50 $ 1.15 $ 0.91
======== ======== ======== ========
- - -------------------
<F1>
(a) This calculation is submitted in accordance with Regulation S-K Item 601
(11) although it is not required by APB Opinion No. 15 because it results
in dilution of less than 3%.
E - 1
Page 18 of 21
EXHIBIT 11
(continued)
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Income Before Cumulative Effect
of a Change in Accounting Principle
-----------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
1994 1993 1994 1993
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F2>
Equivalent Share (a):
- - ---------------------------
Reported Income $ 8,017 $ 5,551 $13,694 $ 9,629
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 64 36 62 37
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,911 9,806 9,898 9,805
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.81 $ 0.57 $ 1.38 $ 0.98
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F2>
Full Dilution (a):
- - ---------------------------
Reported Income $ 8,017 $ 5,551 $13,694 $ 9,629
======== ========= ======== ========
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 78 56 78 56
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,925 9,826 9,914 9,824
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.81 $ 0.56 $ 1.38 $ 0.98
======== ======== ======== ========
- - ------------------
<F2>
(a) This calculation is submitted in accordance with Regulation S-K Item 601
(11) although it is not required by APB Opinion No. 15 because it results
in dilution of less than 3%.
E - 2
Page 19 of 21
EXHIBIT 11
(continued)
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Net Income
-----------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
1994 1993 1994 1993
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F3>
Equivalent Share (a):
- - ---------------------------
Reported Income $ 8,017 $ 5,551 $13,694 $11,280
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 64 36 62 37
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,911 9,806 9,898 9,805
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.81 $ 0.57 $ 1.38 $ 1.15
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F3>
Full Dilution (a):
- - ---------------------------
Reported Income $ 8,017 $ 5,551 $13,694 $11,280
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,847 9,770 9,836 9,768
Effect of unexercised
stock options 78 56 78 56
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,925 9,826 9,914 9,824
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.81 $ 0.56 $ 1.38 $ 1.15
======== ======== ======== ========
- - --------------------
<F3>
(a) This calculation is submitted in accordance with Regulation S-K Item 601
(11) although it is not required by APB Opinion No. 15 because it results
in dilution of less than 3%.
E - 3
Page 20 of 21