Exhibit 11 AMERICAN ONCOLOGY RESOURCES, INC. STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Year Ended December 31, ------------------------------------------------- 1997 1996 1995 --------------- --------------- --------------- NET INCOME $22,867 $17,650 $11,617 ======= ======= ======= OUTSTANDING AT END OF PERIOD Shares of Common Stock 29,722 27,371 27,476 Commitments to issue Common Stock at specific future dates 17,938 17,463 15,262 Effects of weighting (2,089) (606) (7,179) ------- ------- ------- Total Shares Used in per share calculation - basic 45,571 44,228 35,559 ======= ======= ======= Net Income per share - basic $ 0.50 $ 0.40 $ 0.33 ======= ======= ======= ASSUMING DILUTION Outstanding per above 45,571 44,228 35,559 Options to purchase Common Stock 5,709 4,819 5,532 Effects of treasury stock method (3,180) (1,498) (1,773) ------- ------- ------- Total Shares Used in per share calculation - diluted 48,100 47,549 39,318 ======= ======= ======= Net income per share - diluted $ 0.48 $ 0.37 $ 0.30 ======= ======= =======