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 Six Months Ended
June 30, June 30,
------------------- -------------------
1997 1996 1997 1996
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F01>
Equivalent Share (a):
- ---------------------------
Reported Income $ 5,694 $ 5,688 $14,181 $17,885
======== ======== ======== =======
Average number of shares
used to compute earnings
per common share 10,035 9,837 10,018 9,852
Effect of unexercised
stock options 32 59 36 65
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 10,067 9,896 10,054 9,917
======== ======== ======== ========
Earnings per common and
common equivalent share $ 0.57 $ 0.57 $ 1.41 $ 1.80
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F01>
Full Dilution (a):
- ---------------------------
Reported Income $ 5,694 $ 5,688 $14,181 $17,885
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 10,035 9,837 10,018 9,852
Effect of unexercised
stock options 45 59 45 65
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 10,080 9,896 10,063 9,917
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.56 $ 0.57 $ 1.41 $ 1.80
======== ======== ======== ========
- -------------------
<F01>
(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%.
Page 16 of 17
EXHIBIT 11
(continued)
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Net Income
-----------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
1997 1996 1997 1996
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F02>
Equivalent Share (a):
- ---------------------------
Reported Income $ 6,292 $ 5,688 $14,779 $17,885
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 10,035 9,837 10,018 9,852
Effect of unexercised
stock options 32 59 36 65
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common and common
equivalent share 10,067 9,896 10,054 9,917
======== ======== ======== ========
Earnings per common and
common equivalent share 0.63 $ 0.57 $ 1.47 $ 1.80
======== ======== ======== ========
Computation of Earnings Per
Common Share Assuming
<F02>
Full Dilution (a):
- ---------------------------
Reported Income $ 6,292 $ 5,688 $14,779 $17,885
======== ======== ======== ========
Average number of shares
used to compute earnings
per common share 10,035 9,837 10,018 9,852
Effect of unexercised
stock options 45 59 45 65
-------- -------- -------- --------
Average number of shares
used to compute earnings
per common share assuming
full dilution 10,080 9,896 10,063 9,917
======== ======== ======== ========
Earnings per common share
assuming full dilution $ 0.62 $ 0.57 $ 1.47 $ 1.80
======== ======== ======== ========
- --------------------
<F02>
(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%.
Page 17 of 17