ORNDA HEALTHCORP AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
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February 28 February 29 February 28 February 29
1995 1996 1995 1996
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Primary
Average shares outstanding............................ 43,906 58,058 43,722 53,094
Net effect of dilutive common
stock equivalents:
Stock options and warrants-
treasury stock method....................... 736 1,914 993 1,651
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TOTAL ............................................ 44,642 59,972 44,715 54,745
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Net income as adjusted for
preferred stock dividends....................... $19,411 $27,455 $ 32,266 $ 47,042
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Per share amount...................................... $ 0.43 $ 0.46 $ 0.72 $ 0.86
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Fully Diluted
Average shares outstanding............................ 43,906 58,058 43,722 53,094
Net effect of dilutive common
stock equivalents:
Stock options and warrants-
treasury stock method....................... 935 2,150 1,091 2,097
Assumed conversion of redeemable
preferred stock............................. 1,354 -- -- 624
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TOTAL ............................................ 46,195 60,208 44,813 55,815
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Net income............................................ $19,919 $27,455 $ 33,269 $ 47,374
Preferred stock dividend requirements -- -- (1,003) --
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Net income as adjusted for preferred
stock dividends................................... $19,919 $27,455 $ 32,266 $ 47,374
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Per share amount...................................... $ 0.43 $ 0.46 $ 0.72 $ 0.85
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