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,
------------------- -------------------
1995 1994 1995 1994
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F4> Equivalent Share (a):
- ---------------------------
Reported Income $ 5,708 $ 3,210 $16,398 $10,875
======== ======== ======== =======
Average number of shares
used to compute earnings
per common share 9,866 9,867 9,866 9,846
Effect of unexercised
stock options 55 63 44 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,921 9,930 9,910 9,908
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.58 $ 0.32 $ 1.65 $ 1.10
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F4> Full Dilution (a):
- ---------------------------
Reported Income $ 5,708 $ 3,210 $16,398 $10,875
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,866 9,867 9,866 9,846
Effect of unexercised
stock options 62 68 62 76
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,928 9,935 9,928 9,922
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.57 $ 0.32 $ 1.65 $ 1.10
======== ======== ======== ========
- -------------------
<FN>
<F4>
(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%.
<FN>
E - 1
Page 15 of 16
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,
-------------------- ------------------
1995 1994 1995 1994
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F5> Equivalent Share (a):
- ---------------------------
Reported Income $ 7,550 $ 5,094 $19,141 $18,788
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,866 9,867 9,866 9,846
Effect of unexercised
stock options 55 63 44 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,921 9,930 9,910 9,908
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.76 $ 0.51 $ 1.93 $ 1.90
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F5> Full Dilution (a):
- ---------------------------
Reported Income $ 7,550 $ 5,094 $19,141 $18,788
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,866 9,867 9,866 9,846
Effect of unexercised
stock options 62 68 62 76
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,928 9,935 9,928 9,922
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.76 $ 0.51 $ 1.93 $ 1.89
======== ======== ======== ========
- --------------------
<FN>
<F5>
(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%.
</FN>
E - 2
Page 16 of 16