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EXHIBIT 11
CORVEL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Shares used in per share calculations were determined as follows:
Three months ended December 31,
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1995 1996
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Weighted average common shares outstanding 4,463,000 4,639,000
Net effect of dilutive common stock options 255,000 97,000
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Total common and common equivalent shares 4,718,000 4,736,000
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Net Income $1,887,000 $2,177,000
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Earnings per common and common equivalent share $.40 $.46
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Three months ended December 31,
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1995 1996
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Weighted average common shares outstanding 4,390,000 4,651,000
Net effect of dilutive common stock options 267,000 101,000
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Total common and common equivalent shares 4,657,000 4,752,000
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Net Income $5,406,000 $6,311,000
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Earnings per common and common equivalent share $1.16 $1.33
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