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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
September 30,
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1996 1997
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Weighted average common shares outstanding 4,668,000 4,194,000
Net effect of dilutive common stock options 92,000 132,000
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Total common and common equivalent shares 4,760,000 4,326,000
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Net Income $2,092,000 $2,381,000
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Earnings per common and common equivalent share $ .44 $ .55
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Six months ended
September 30,
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1996 1997
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Weighted average common shares outstanding 4,659,000 4,239,000
Net effect of dilutive common stock options 101,000 112,000
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Total common and common equivalent shares 4,760,000 4,351,000
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Net Income $4,134,000 $4,656,000
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Earnings per common and common equivalent share $ .87 $ 1.07
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