TOTAL RENAL CARE HOLDINGS, INC.
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
During the period from October 1, 1994 to November 2, 1995 the Company
issued approximately 2,190,000 shares of Common Stock and options at prices
significantly below the offering price of the Company's initial public offering.
Such shares and common stock equivalents have been included in the number of
shares outstanding from June 1, 1994 (including the quarter and nine months
ended September 30, 1995) until November 2, 1995 using the Treasury Stock method
using the actual offering price of $15.50 per share.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
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1996 1995 1996 1995
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Applicable Common Shares
Average outstanding during the period 25,948,000 14,396,000 24,700,000 14,041,000
Outstanding stock options 787,000 1,479,000 788,000 1,511,000
Reduction in shares in connection with notes
receivable from employees (74,000) (185,000) (79,000) (125,000)
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Weighted average number of shares outstanding 26,661,000 15,690,000 25,409,000 15,427,000
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Income before extraordinary item $ 6,536,000 $ 2,485,000 $16,538,000 $ 5,384,000
Extraordinary loss (7,700,000) (7,700,000)
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Net (loss) income $(1,164,000) $ 2,485,000 $ 8,838,000 $ 5,384,000
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Earnings (loss) per common share:
Income before extraordinary item $ 0.25 $ 0.16 $ 0.65 $ 0.35
Extraordinary item (0.29) (0.30)
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Net (loss) income $ (0.04) $ 0.16 $ 0.35 $ 0.35
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