CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data) EXHIBIT 11
Net Income
------------------
Three Months Ended
March 31,
-------------------
1997 1996
-------------------
Computation of Earnings Per Common
<F1>
and Common Equivalent Share (a):
- ----------------------------------
Reported Income $ 8,487 $12,197
======= =======
Average number of shares used to
compute earnings per common share 10,002 9,867
Effect of unexercised stock options 39 70
------- -------
Average number of shares used to
compute earnings per common
and common equivalent share 10,041 9,937
======= =======
Earnings per common and
common equivalent share $ .85 $ 1.23
======= =======
Computation of Earnings Per
Common Share Assuming
<F1>
Full Dilution (a):
- ---------------------------
Reported Income $ 8,487 $12,197
======= =======
Average number of shares used to
compute earnings per common share 10,002 9,867
Effect of unexercised stock options 39 70
------- -------
Average number of shares used to
compute earnings per common share
assuming full dilution 10,041 9,937
======= =======
Earnings per common share
assuming full dilution $ .85 $ 1.23
======= =======
- ------------------
<F1>
(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