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,
------------------- -----------------
1997 1996 1997 1996
-------- -------- -------- -------
Computation of Earnings Per
Common and Common
<F01>
Equivalent Share (a):
- ---------------------------
Reported Income $ 2,106 $ 1,968 $13,427 $16,360
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 10,042 9,790 10,026 9,831
Effect of unexercised
stock options 49 58 40 62
------- ------- ------- -------
Average number of shares
used to compute earnings
per common and common
equivalent share 10,091 9,848 10,066 9,893
======= ======= ======= =======
Earnings per common and
common equivalent share $ 0.21 $ 0.20 $ 1.33 $ 1.65
======= ======= ======= =======
Computation of Earnings Per
Common Share Assuming
<F01>
Full Dilution (a):
- ---------------------------
Reported Income $ 2,106 $ 1,968 $13,427 $16,360
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 10,042 9,790 10,026 9,831
Effect of unexercised
stock options 59 63 59 63
------- ------- ------- -------
Average number of shares
used to compute earnings
per common share assuming
full dilution 10,101 9,853 10,085 9,894
======= ======= ======= =======
Earnings per common share
assuming full dilution $ 0.21 $ 0.20 $ 1.33 $ 1.65
======= ======= ======= =======
- -------------------
<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%.
E - 1
Page 17 of 18
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,
-------------------- ------------------
1997 1996 1997 1996
-------- -------- -------- --------
Computation of Earnings Per
Common and Common
<F02>
Equivalent Share (a):
- ---------------------------
Reported Income $11,808 $ 4,464 $26,587 $22,349
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 10,042 9,790 10,026 9,831
Effect of unexercised
stock options 49 58 40 62
------- -------- ------- -------
Average number of shares
used to compute earnings
per common and common
equivalent share 10,091 9,848 10,066 9,893
======= ======== ======= =======
Earnings per common and
common equivalent share $ 1.17 $ 0.45 $ 2.64 $ 2.26
======= ======== ======= =======
Computation of Earnings Per
Common Share Assuming
<F02>
Full Dilution (a):
- ---------------------------
Reported Income $11,808 $ 4,464 $26,587 $22,349
======= ======== ======= =======
Average number of shares
used to compute earnings
per common share 10,042 9,790 10,026 9,831
Effect of unexercised
stock options 59 63 59 63
------- -------- ------- -------
Average number of shares
used to compute earnings
per common share assuming
full dilution 10,101 9,853 10,085 9,894
======= ======== ======= =======
Earnings per common share
assuming full dilution $ 1.17 $ 0.45 $ 2.64 $ 2.26
======= ======== ======= =======
- --------------------
<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%.
E - 2
Page 18 of 18