ORNDA HEALTHCORP AND SUBSIDIARIES
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share amounts)
Three Months Ended November 30,
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1995 1996
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Primary
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Average shares outstanding............. . . . . . . . 48,130 58,364
Net effect of dilutive common
stock equivalents:
Stock options and warrants-
treasury stock method.................. . . 1,389 2,145
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TOTAL ............................................ 49,519 60,509
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Net income as adjusted for
preferred stock dividends......................... $ 19,587 $ 26,429
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Per share amount...................................... $ 0.40 $ 0.44
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Fully Diluted
Average shares outstanding............................ 48,130 58,364
Net effect of dilutive common stock
equivalents:
Stock options and warrants-
treasury stock method................. 1,385 2,253
Assumed conversion of redeemable
preferred stock........................ 1,248 --
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TOTAL ............................................ 50,763 60,617
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Net income............................................ $ 19,919 $ 26,429
Preferred stock dividend requirements................. -- --
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Net income as adjusted for preferred
stock dividends................................... $ 19,919 $ 26,429
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Per share amount...................................... $ 0.39 $ 0.44
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