ORNDA HEALTHCORP AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share amounts)
Three Months Ended May 31 Nine Months Ended May 31
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1995 1996 1995 1996
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Primary
Average shares outstanding....................... 44,549 58,159 44,016 54,795
Net effect of dilutive common
stock equivalents:
Stock options and warrants-
treasury stock method.................. 1,052 2,212 1,012 1,838
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TOTAL ....................................... 45,601 60,371 45,028 56,633
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Net income as adjusted for
preferred stock dividends.................... $ 21,604 $ 29,290 $ 53,870 $ 76,332
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Per share amount................................. $ 0.47 $ 0.49 $ 1.20 $ 1.35
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Fully Diluted
Average shares outstanding....................... 44,549 58,159 44,016 54,795
Net effect of dilutive common
stock equivalents:
Stock options and warrants-
treasury stock method.................. 1,058 2,212 1,034 2,045
Assumed conversion of redeemable
preferred stock........................ 1,388 -- -- 415
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TOTAL ....................................... 46,995 60,371 45,050 57,255
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Net income....................................... $ 22,091 $ 29,290 $ 55,360 $ 76,664
Preferred stock dividend requirements -- -- (1,490) --
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Net income as adjusted for preferred
st!ock dividends.............................. $ 22,091 $ 29,290 $ 53,870 $ 76,664
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Per share amount................................. $ 0.47 $ 0.49 $ 1.20 $ 1.34
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