1 Exhibit 11 CORVEL CORPORATION COMPUTATION OF PER SHARE EARNINGS Shares used in per share calculations were determined as follows: Three months ended Dec. 31, 1998 1999 ---------- ---------- Weighted shares for basic earnings per share computation 8,128,000 8,023,000 Net effect of dilutive common stock options 115,000 119,000 ---------- ---------- Weighted shares for diluted earnings per share 8,243,000 8,142,000 ========== ========== NET INCOME $2,624,000 $3,013,000 ========== ========== BASIC EARNINGS PER SHARE $ .32 $ .38 ========== ========== DILUTED EARNINGS PER SHARE $ .32 $ .37 ========== ========== Nine months ended Dec. 31, 1998 1999 ---------- ---------- Weighted shares for basic earnings per share 8,163,000 8,090,000 Net effect of dilutive common stock options 113,000 120,000 ---------- ---------- Weighted shares for diluted earnings per share 8,276,000 8,210,000 ========== ========== NET INCOME $7,681,000 $8,860,000 ========== ========== BASIC EARNINGS PER SHARE $ .94 $ 1.10 ========== ========== DILUTED EARNINGS PER SHARE $ .93 $ 1.08 ========== ==========