EXHIBIT 11 CRA MANAGED CARE, INC. Calculation of Shares Used in Determining Earnings Per Share for the Three and Nine Months Ended September 30, 1995 and 1996 THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------- --------------------- 1995 1996 1995 1996 --------- --------- --------- --------- Weighted average number of shares of common stock outstanding during the period 7,216,000 8,896,000 6,098,000 8,074,000 Common stock equivalents, under the treasury stock method 135,000 188,000 125,000 187,000 --------- --------- --------- --------- 7,351,000 9,084,000 6,223,000 8,261,000 --------- --------- --------- --------- --------- --------- --------- --------- -14-