CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data) EXHIBIT 11
Income From
Continuing
Operations Net Income
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Three Months Ended Three Months Ended
March 31, March 31,
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1996 1995 1996 1995
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Computation of Earnings Per Common
<F2> and Common Equivalent Share (a):
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Reported Income $ 12,197 $ 5,385 $12,197 $ 6,286
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Average number of shares used to
compute earnings per common share 9,867 9,863 9,867 9,863
Effect of unexercised stock options 70 34 70 34
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Average number of shares used to
compute earnings per common
and common equivalent share 9,937 9,897 9,937 9,897
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Earnings per common and
common equivalent share $ 1.23 $ .54 $ 1.23 $ .64
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Computation of Earnings Per
Common Share Assuming
<F2> Full Dilution (a):
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Reported Income $12,197 $ 5,385 $12,197 $ 6,286
======= ======= ======= =======
Average number of shares used to
compute earnings per common share 9,867 9,863 9,867 9,863
Effect of unexercised stock options 70 34 70 34
------- ------- ------- -------
Average number of shares used to
compute earnings per common share
assuming full dilution 9,937 9,897 9,937 9,897
======= ======= ======= =======
Earnings per common share
assuming full dilution $ 1.23 $ .54 $ 1.23 $ .64
======= ======= ======= =======
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<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
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