Exhibit 11.1
Renal Treatment Centers, Inc. and Subsidiaries
COMPUTATION OF NET INCOME PER COMMON SHARE
AND NET INCOME PER COMMON SHARE--ASSUMING DILUTION
for the three and nine months ended September 30, 1997 and 1996
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
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Reconciliation of numerator:
Net income for use in computing net income per
common share $ 4,761,589 $ 2,195,242 $13,330,795 $ 6,851,148
Add back interest on note, tax effected ---- 53,206 34,122 183,580
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Adjusted net income for use in computing net
income per common share--assuming dilution $ 4,761,589 $ 2,248,448 $13,364,917 $ 7,034,728
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Reconciliation of denominator
Weighted average number of shares outstanding for
use in computing net income per common share 25,027,188 24,300,036 24,835,009 24,164,022
Weighted average shares assumed issued upon conversion
of note ---- 519,097 163,705 598,095
Dilutive effect of outstanding stock options 1,252,881 1,005,929 1,138,979 997,580
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Weighted average number of common shares and equivalents
outstanding--assuming dilution 26,280,069 25,825,062 26,137,693 25,759,697
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Net income per common share $ 0.19 $ 0.09 $ 0.54 $ 0.28
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Net income per common share--assuming dilution $ 0.18 $ 0.09 $ 0.51 $ 0.27
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