EXHIBIT 11.1
HORIZON/CMS HEALTHCARE CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED MAY 31,
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1996 1995 1994
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COMMON AND COMMON EQUIVALENTS:
Earnings before extraordinary item................... $ 6,552 $ 24,998 $ (19,814)
Extraordinary item, net of tax....................... (31,328) 2,571 734
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Net earnings (loss).................................. $ (24,776) $ 27,569 $ (19,080)
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Applicable common shares:
Weighted average outstanding shares during the
period.............................................. 51,406 47,207 36,078
Weighted average shares issuable upon excercise of
common stock equivalents outstanding (principally
stock options and warrants using the treasury stock
method)............................................. 642 643 1,000
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Total................................................ 52,048 47,850 37,078
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Earnings (loss) per share:
Earnings before extraordinary item................... $ 0.12 $ 0.52 $ (0.54)
Extraordinary item, net of tax....................... (0.60) 0.06 0.02
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Net earnings (loss).................................. $ (0.48) $ 0.58 $ (0.52)
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ASSUMING FULL DILUTION:
Earnings before extraordinary item................... $ 6,552 $ 24,998 $ (19,814)
Extraordinary item, net of tax....................... (31,328) 2,571 734
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Net earnings (loss).................................. $ (24,776) $ 27,569 $ (19,080)
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Applicable common shares:
Weighted average outstanding shares during the
period.............................................. 51,406 47,207 37,150
Weighted average shares issuable upon exercise of
common stock equivalents outstanding (principally
stock options and warrants using the treasury stock
method and convertible debentures).................. 794 650 2,901
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Total................................................ 52,200 47,857 40,051
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Earnings (loss) per share:
Earnings before extraordinary item................... $ 0.12 $ 0.52 $ (0.54)
Extraordinary item, net of tax....................... (0.60) 0.06 0.02
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Net earnings (loss).................................. $ (0.48) $ 0.58 $ (0.52)
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