EXHIBIT 11
COLUMBIA/HCA HEALTHCARE CORPORATION
SUPPLEMENTAL COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
1993 1992 1991
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PRIMARY EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE:
Earnings:
Income from continuing operations........................................................ $ 575 $ 239 $ 353
Preferred stock dividend requirements.................................................... - - (18)
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Income applicable to common stock.................................................... 575 239 335
Discontinued operations:
Income (loss) from operations of discontinued health plan segment,
net of income tax (benefit)........................................................... 16 (108) 16
Costs associated with discontinuance of health plan segment, net of income tax
benefit............................................................................... - (17) -
Extraordinary loss on extinguishment of debt, net of income
tax benefit............................................................................. (84) - -
Cumulative effect on prior years of a change in accounting
for income taxes........................................................................ - 51 -
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Net income......................................................................... $ 507 $ 165 $ 351
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Shares used in the computation (in thousands):
Columbia:
Weighted average common shares outstanding............................................. 150,017 144,897 138,936
Dilutive effect of common stock equivalents............................................ 966 718 750
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Columbia common and common equivalent shares........................................... 150,983 145,615 139,686
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HCA:
Weighted average common shares outstanding............................................. 175,374 149,547 113,480
Dilutive effect of common stock equivalents............................................ 3,901 24,690 20,109
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HCA common and common equivalent shares................................................ 179,275 174,237 133,589
Merger exchange ratio.................................................................. 1.05 1.05 1.05
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Adjusted HCA common and common equivalent shares....................................... 188,239 182,949 140,268
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Shares used in earnings per common and common equivalent
share computations................................................................ 339,222 328,564 279,954
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Primary earnings per common and common equivalent share:
Income from continuing operations........................................................ $ 1.70 $ .73 $ 1.20
Discontinued operations:
Income (loss) from operations of discontinued health plan segment...................... .04 (.33) .05
Costs associated with discontinuance of health plan segment............................ - (.06) -
Extraordinary loss on extinguishment of debt............................................. (.24) - -
Cumulative effect on prior years of a change in accounting for income taxes.............. - .16 -
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Net income......................................................................... $ 1.50 $ .50 $ 1.25
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EXHIBIT 11
COLUMBIA/HCA HEALTHCARE CORPORATION
SUPPLEMENTAL COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
1993 1992 1991
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FULLY DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE:
Earnings:
Income applicable to commmon stock..................................................... $ 575 $ 239 $ 335
Interest addback on convertible securities, net of income taxes........................ 3 2 2
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Adjusted income applicable to common stock......................................... 578 241 337
Discontinued operations:
Income (loss) from operations of discontinued health plan segment,
net of income tax (benefit)......................................................... 16 (108) 16
Costs associated with discontinuance of health plan segment, net of income tax
benefit............................................................................. - (17) -
Extraordinary loss on extinguishment of debt, net of income
tax benefit........................................................................... (84) - -
Cumulative effect on prior years of a change in accounting
for income taxes...................................................................... - 51 -
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Net income......................................................................... $ 510 $ 167 $ 353
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Shares used in the computation (in thousands):
Columbia:
Weighted average common shares outstanding........................................... 150,017 144,897 138,936
Dilutive effect of common stock equivalents and other
dilutive securities................................................................. 3,426 3,029 2,650
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Columbia common and common equivalent shares......................................... 153,443 147,926 141,586
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HCA:
Weighted average common shares outstanding........................................... 175,374 149,547 113,480
Dilutive effect of common stock equivalents and other
dilutive securities................................................................. 4,352 24,941 20,290
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HCA common and common equivalent shares.............................................. 179,726 174,488 133,770
Merger exchange ratio................................................................ 1.05 1.05 1.05
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Adjusted HCA common and common equivalent shares..................................... 188,712 183,213 140,459
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Shares used in earnings per common and common equivalent
share computations................................................................ 342,155 331,139 282,045
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Fully diluted earnings per common and common equivalent share:
Income from continuing operations...................................................... $ 1.69 $ .73 $ 1.20
Discontinued operations:
Income (loss) from operations of discontinued health plan segment.................... .04 (.33) .05
Costs associated with discontinuance of health plan segment.......................... - (.06) -
Extraordinary loss on extinguishment of debt........................................... (.24) - -
Cumulative effect on prior years of a change in accounting for
income taxes.......................................................................... - .16 -
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Net income......................................................................... $ 1.49 $ .50 $ 1.25
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