1 EXHIBIT 11 CORVEL CORPORATION COMPUTATION OF PER SHARE EARNINGS Shares used in per share calculations were determined as follows: Three months ended June 30, --------------------------- 1995 1996 ---------- ---------- Weighted average common shares outstanding 4,286,000 4,625,000 Net effect of dilutive common stock options 306,000 134,000 ---------- ---------- Total common and common equivalent shares 4,592,000 4,759,000 ========== ========== Net Income $1,701,000 $2,042,000 ========== ========== Earnings per common and common equivalent share $.37 $.43 ========== ========== Page 12 of 12