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,
------------------- -------------------
1996 1995 1996 1995
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F1>
Equivalent Share (a):
- ---------------------------
Reported Income $ 3,864 $ 5,708 $21,749 $16,398
======== ======== ======== =======
Average number of shares
used to compute earnings
per common share 9,790 9,866 9,831 9,866
Effect of unexercised
stock options 58 55 62 44
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,848 9,921 9,893 9,910
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.39 $ 0.58 $ 2.20 $ 1.65
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F1>
Full Dilution (a):
- ---------------------------
Reported Income $ 3,864 $ 5,708 $21,749 $16,398
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,790 9,866 9,831 9,866
Effect of unexercised
stock options 63 62 63 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,853 9,928 9,894 9,928
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.39 $ 0.57 $ 2.20 $ 1.65
======== ======== ======== ========
- -------------------
<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 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,
-------------------- ------------------
1996 1995 1996 1995
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F2>
Equivalent Share (a):
- ---------------------------
Reported Income $ 4,464 $ 7,550 $22,349 $19,141
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,790 9,866 9,831 9,866
Effect of unexercised
stock options 58 55 62 44
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,848 9,921 9,893 9,910
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.45 $ 0.76 $ 2.26 $ 1.93
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F2>
Full Dilution (a):
- ---------------------------
Reported Income $ 4,464 $ 7,550 $22,349 $19,141
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 9,790 9,866 9,831 9,866
Effect of unexercised
stock options 63 62 63 62
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,853 9,928 9,894 9,928
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.45 $ 0.76 $ 2.26 $ 1.93
======== ======== ======== ========
- --------------------
<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 16 of 16