EXHIBIT 11 TENET HEALTHCARE CORPORATION STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS* (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED AUGUST 31, ---------------------- 1994 1995 -------- -------- FOR PRIMARY EARNINGS PER SHARE Shares outstanding at beginning of period.................... 166,081 199,938 Shares issued upon exercise of stock options................. 93 54 Dilutive effect of outstanding stock options................. 2,287 1,898 -------- -------- Weighted average number of shares and share equivalents outstanding................................................. 168,461 201,890 ======== ======== Net income................................................... $ 64,028 $118,253 ======== ======== Earnings per share............................................ $ 0.38 $ 0.59 ======== ======== FOR FULLY DILUTED EARNINGS PER SHARE Weighted average number of shares used in primary calculation................................................. 168,461 201,890 Additional dilutive effect of stock options.................. 335 417 Assumed conversion of dilutive convertible debentures........ 11,357 13,530 -------- -------- Fully diluted weighted average number of shares.............. 180,153 215,837 ======== ======== Net income used in primary calculation....................... $ 64,028 $118,253 Adjustments for interest expense, contractual allowances and income taxes............................................ 1,470 1,787 -------- -------- Adjusted income used in fully diluted calculation............ $ 65,498 $120,040 ======== ======== Earnings per share........................................... $ 0.36 $ 0.56 ======== ======== _________ * All shares in these tables are weighted on the basis of the number of days the shares were outstanding or assumed to be outstanding during each period. 18