EXHIBIT 11
AMERICAN ONCOLOGY RESOURCES, INC.
STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Year Ended December 31,
-----------------------------
1996 1995 1994
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NET INCOME.............................. $ 17,650 $ 11,617 $ 1,243
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OUTSTANDING AT END OF PERIOD:
Shares of Common Stock................ 27,371 27,476 15,266
Commitments to issue Common Stock at
specific future dates................ 17,463 15,262 5,994
Effect of weighting................... (606) (6,428) (1,230)
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44,228 36,310 20,030
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Options to purchase Common Stock........ 4,819
Effect of treasury stock method......... (1,498)
Dilutive effect of options to purchase
Common Stock granted April 1, 1994
and prior............................. - 1,168 846
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Additional assumed shares for 1994 and
1995 grants and issuances at less than
the initial public offering price:
Issued Common Stock................... 1,270
Commitments to issue Common Stock at
specific future dates................ 7,898
Options to purchase Common Stock...... 4,432 3,630
Effect of treasury stock method....... - (1,772) (3,864)
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- 2,660 8,934
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Total shares used in per share
calculation............................ 47,549 40,138 29,810
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Net income per share.................... $0.37 $0.29 $0.04
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ASSUMING FULL DILUTION:
Outstanding per above................. 47,549 40,138 29,810
Additional dilution resulting from
use of period-end price per share if
higher than average.................. 71 222 370
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Total shares used in per share
calculation............................ 47,620 40,360 30,180
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Net income per share.................... $0.37 $0.29 $0.04
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