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 Nine Months Ended
September 30, September 30,
------------------- -------------------
1993 1994 1993 1994
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F1>
Equivalent Share (a):
- ---------------------------
Reported Income $ 4,158 $ 3,623 $13,100 $14,981
======== ======== ======== =======
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 51 63 41 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,832 9,930 9,814 9,908
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.42 $ 0.36 $ 1.33 $ 1.51
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F1>
Full Dilution (a):
- ---------------------------
Reported Income $ 4,158 $ 3,623 $13,100 $14,981
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 59 68 59 76
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,840 9,935 9,832 9,922
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.42 $ 0.36 $ 1.33 $ 1.51
======== ======== ======== ========
- -------------------
<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 20
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 Nine Months Ended
September 30, September 30,
-------------------- ------------------
1993 1994 1993 1994
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F2>
Equivalent Share (a):
- ---------------------------
Reported Income $ 4,158 $ 5,094 $13,787 $18,788
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 51 63 41 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,832 9,930 9,814 9,908
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.42 $ 0.51 $ 1.40 $ 1.90
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F2>
Full Dilution (a):
- ---------------------------
Reported Income $ 4,158 $ 5,094 $13,787 $18,788
======== ========= ======== ========
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 59 68 59 76
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,840 9,935 9,832 9,922
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.42 $ 0.51 $ 1.40 $ 1.89
======== ======== ======== ========
- ------------------
<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 20
EXHIBIT 11
(continued)
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Net Income
-----------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ------------------
1993 1994 1993 1994
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F3>
Equivalent Share (a):
- ---------------------------
Reported Income $ 4,158 $ 5,094 $15,438 $18,788
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 51 63 41 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,832 9,930 9,814 9,908
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.42 $ 0.51 $ 1.57 $ 1.90
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F3>
Full Dilution (a):
- ---------------------------
Reported Income $ 4,158 $ 5,094 $15,438 $18,788
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,781 9,867 9,773 9,846
Effect of unexercised
stock options 59 68 59 76
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,840 9,935 9,832 9,922
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.42 $ 0.51 $ 1.57 $ 1.89
======== ======== ======== ========
- --------------------
<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 20