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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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1996 1997
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Weighted shares for basic earnings per share computation 4,641,000 4,154,000
Net effect of dilutive common stock options 91,000 120,000
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Weighted shares for diluted earnings per share 4,732,000 4,274,000
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NET INCOME $2,177,000 $2,395,000
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BASIC EARNINGS PER SHARE $.47 $.58
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DILUTED EARNINGS PER SHARE $.46 $.56
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Nine months ended December 31,
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1996 1997
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Weighted shares for basic earnings per share computation 4,640,000 4,211,000
Net effect of dilutive common stock options 106,000 103,000
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Weighted shares for diluted earnings per share 4,746,000 4,314,000
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NET INCOME $6,311,000 $7,051,000
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BASIC EARNINGS PER SHARE $1.36 $1.67
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DILUTED EARNINGS PER SHARE $1.33 $1.63
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