EXHIBIT 11
AMERICAN ONCOLOGY RESOURCES, INC.
STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
1996 1995 1996 1995
----------- -------- ----------- ---------
NET INCOME $ 4,060 $ 2,068 $ 8,507 $ 3,050
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OUTSTANDING AT END OF PERIOD:
Shares of Common Stock 28,342 27,464 28,342 27,464
Commitments to issue
Common Stock at specific
future dates 15,805 13,888 15,805 13,888
Effect of weighting ( 261) (8,740) ( 626) (10,754)
-------- ------- -------- --------
43,886 32,612 43,521 30,598
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Options to purchase Common Stock 5,161 5,161
Effect of treasury stock method ( 1,492) ( 1,235)
Dilutive effect of options to purchase
Common Stock granted April 1, 1994 and
prior - 1,222 - 1,034
Additional assumed shares for 1994 and
1995 grants and issuances
at less than the initial public
offering price:
Options to purchase Common Stock 3,632 3,632
Effect of treasury stock method - (1,240) - (1,262)
-------- ------- -------- --------
- 2,392 - 2,370
-------- ------- -------- --------
Total shares used in per share calculation 47,555 36,226 47,447 34,002
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Net income per share $ 0.09 $0.06 $ 0.18 $0.09
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ASSUMING FULL DILUTION:
Outstanding per above 47,555 36,226 47,447 34,002
Additional dilution resulting from use
of period end price per - 310 - 340
share if higher than average -------- ------- -------- --------
Total shares used in per share calculation 47,555 36,536 47,447 34,342
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Net income per share $ 0.09 $0.06 $ 0.18 $0.09
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