CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per thousands) EXHIBIT 11
Income From
Continuing
Operations Net Income
--------------------------------------
Three Months Ended Three Months Ended
March 31, March 31,
---------------------------------------
1995 1994 1995 1994
---------------------------------------
Computation of Earnings Per Common
<F2>
and Common Equivalent Share (a):
- ----------------------------------
Reported Income $ 5,385 $ 3,239 $ 6,286 $ 5,677
======= ======= ======= =======
Average number of shares used to
compute earnings per common share 9,863 9,824 9,863 9,824
Effect of unexercised stock options 34 59 34 59
------- ------- ------- -------
Average number of shares used to
compute earnings per common
and common equivalent share 9,897 9,883 9,897 9,883
======= ======= ======= =======
Earnings per common and
common equivalent share $ .54 $ .33 $ .64 $ .57
======= ======= ======= =======
Computation of Earnings Per
Common Share Assuming
<F2>
Full Dilution (a):
- ---------------------------
Reported Income $ 5,385 $ 3,239 $ 6,286 $ 5,677
======= ======= ======= =======
Average number of shares used to
compute earnings per common share 9,863 9,824 9,863 9,824
Effect of unexercised stock options 34 61 34 61
------- ------- ------- -------
Average number of shares used to
compute earnings per common share
assuming full dilution 9,897 9,885 9,897 9,885
======= ======= ======= =======
Earnings per common share
assuming full dilution $ .54 $ .33 $ .64 $ .57
======= ======= ======= =======
- ------------------
<F2>
(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%.
E - 1
Page 12 of 12