Exhibit 11 AMERICAN ONCOLOGY RESOURCES, INC. STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) (UNAUDITED) THREE MONTHS ENDED MARCH 31, 1997 1996 -------- -------- NET INCOME.............................. $ 5,072 $ 4,447 OUTSTANDING AT END OF PERIOD: Shares of Common Stock................ 27,531 27,746 Commitments to issue Common Stock at specific future dates................ 17,388 15,612 Effect of weighting................... (328) (202) ------- ------- 44,591 43,156 Options to purchase Common Stock........ 5,170 5,592 Effect of treasury stock method......... (2,369) (1,410) ------- ------- Total shares used in per share 47,392 47,338 calculation............................ ======= ======= Net income per share.................... $ .11 $ .09 ======= ======= ASSUMING FULL DILUTION: Outstanding per above................. 47,392 47,338 Additional dilution resulting from use of period end price per share if higher than average.......... ______ ______ Total shares used in per share calculation............................ 47,392 47,338 ======= ======= Net income per share.................... $ .11 $ .09 ======= =======